Envoy Services, a UK-based payment technology and services provider, has become one of the first organisations in the European Economic Area (EEA) to be awarded payment institution (PI) status, under the EU Payment Services Directive (PSD).
Granted by the Financial Services Authority (FSA) on a contingent basis, pending legislation coming into force on the 1 November 2009, Envoy says that PI status will enhance its brand at a global level, facilitate future international expansion and add an additional level of comfort for merchants and their customers.
From a practical point of few, PI status means that Envoy can passport its license and engage with corporate and consumers in other eurozone countries.
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