YNOT – Payment processing is a sensitive business — not only for buyers and sellers, but also for the financial middlemen who handle the money and the government watchdogs tasked with ensuring no gaping holes exist anywhere in the process.
Most governments require financial institutions, including third-party payment service providers, to undergo a rigorous inspection and authorization process before approving the institutions to handle funds in their country. Each country’s regulations are different, as is the compliance process. The process can be expensive, what with all the fees and man-hours involved.
Fort Lauderdale, Fla.-based SegPay knows all about that. The company’s UK operating division recently received Authorized Payment Institution certification from the UK’s Financial Services Authority. The FSA authorization recognizes SegPay as secure and capable of properly handling consumer transactions as well as safeguarding client funds.
The authorization process involved a detailed review of the company’s business plan, capitalization, safeguarding mechanisms, governance arrangements, internal controls, risk-management and money-laundering controls, compliance procedures, contingency planning and security measures.
According to SegPay Chief Executive Officer Cathy Beardsley, Segregated Payments Limited, a limited liability company established in England and Wales with registered number 7825300, is now able to expand the menu of services it offers.
“While many competitors are just beginning to work on MasterCard compliance, SegPay has moved on to add FSA compliance in the UK,” she said. “This is huge for expanding business and reach in the [European Union].”
Every year more EU merchant acquirers, usually banks, are requiring FSA registration to process payment transactions. The authorization granted by the FSA is an additional level of compliance that allows SegPay clients to rest easy knowing their business is handled professionally, properly and securely.
“Gaining FSA authorisation puts SegPay in an elite category of PSPs,” Beardsley said. “We went through more than a year of intense scrutiny. Through this process, we found that our business model and safeguards not only protect our clients, but also are robust enough to achieve this incredibly high level of compliance. FSA authorization allows SegPay to further build our UK presence and increase the existing infrastructure.”
For more information, visit SegPay.com.
