Voice Commerce, a financial services group, has become the first UK payments institution (PI), under the Payments Services Directive (PSD), to become a principal member of Visa Europe. The membership means Voice Commerce can start providing its own payment services to businesses including acquiring payment transactions.
Following the launch of the PSD in November 2009, Visa Europe confirmed that payment service providers (PSPs), as defined in the PSD, would be eligible to apply to become members of Visa Europe. Subject to stringent risk management requirements and being capable of complying with Visa Europe’s operating regulations, the Voice Commerce application was approved by Visa Europe at the board of directors meeting in February 2010.
Nick Ogden, chief executive officer (CEO) of the Voice Commerce Group, said: “We are thrilled that our application to become a principal member of Visa Europe has been successful. As a payment institution, Voice Commerce is regulated in exactly the same way as banks in relation to capital adequacy and regulatory responsibilities for payment services and being granted Visa membership means we can further compete on an equal footing across Europe with our banking peers. Our next move will be to grow the business and bring fresh creativity to the industry using innovative payment services, including voice biometrics to authorise payments.”
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