Russia’s RBK Money Aims for EU Expansion

Russian online payments provider RBK Money said that it has been granted the status of an authorised payment institution (PI) by the UK financial sector regulator the Financial Conduct Authority (FCA). This enables the Moscow-based company to offer its payment services across all the European Union (EU) member states under the Payment Services Directive (PSD).

This also means that RBK Money will be regulated similar to other European PIs in relation to their capital adequacy, anti-money laundering procedures and data-protection, providing additional assurance to its clients and partners.

RBK Money became the first payment services company from Russia to obtain such credibility on the major international market. The company has also operated its own electronic money (e-money) license in Russia since 2012, which enables it to offer international businesses a quick and easy access to the dynamic Russian market. Cross-border electronic commerce (e-commerce) sales in Russia are forecast to have grown by up to 100% in 2013 compared to the previous year.

“This is a major milestone in our international expansion and we are very proud to become a trusted and fully authorised payment institution in Europe, said RBK Money’s chief executive officer (CEO), Andrew Morozov. “As a payments company, we put the trust of our customers as the highest priority and nothing may support this trust more than full compliancy with the tough FCA rules and requirements.

“As an authorised PI, we are able to offer this additional level of security to our clients. RBK Money can now start growing its business throughout Europe and make a significant impact on the industry through the introduction of our innovative payment services, which are already very successful on other markets around the world”.

The payment platform was originally established in 2002 under the name Rupay. In 2008, the service became part of RBK Holding and changed its name to RBK Money.

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