Voice Commerce, a financial services group, has become the first fully authorised payment institution to qualify under the new 2nd Electronic Money Directive (2EMD) in the UK since it was introduced in May 2011. Qualification enables Voice Commerce to operate all its card acquiring and card issuing services, including electronic money, from a single legal entity using its Cashflows brand, consolidating its various regulated activities into a single business account for its customers within the European Economic Area (EEA).
Voice Commerce received authorisation to perform payments services from the Financial Services Authority (FSA) under the Payment Services Directive (PSD) in November 2009 and since then has become a principal member of Visa and MasterCard, and a member of the UK Payments Council.
Nick Ogden, chairman and chief executive officer (CEO) of the Voice Commerce Group, said: “Over the past year we have been consolidating all our payment activities, merchants acquiring, e-money and prepaid card issuing under our Cashflows brand in anticipation of completing the regulatory transition to 2EMD. During 2012, we will be increasing the range of complementary integrated services available from our Cashflows business account which, in addition to payment card acquiring, includes mobile app support, QR code creation, pay and collect services and the VoicePay mobile payment solution.”
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