Securing our PI license is the next step for Payscout to serve budding entrepreneurs and consumers in the EU.
Los Angeles, CA (PRWEB) December 14, 2016
Payscout Inc., a leading global payment processing provider, has announced its newest office location in Malta, expected to open in the coming weeks. The announcement comes after Payscout received preliminary approval for its Payment Institution (PI) License, allowing the company to function as a Payment Facilitator in the EU. Payscout adds Malta to its other five office locations, including California, Georgia, New Jersey, Brazil, and China.
The PI license is an authorization required by all payment providers to allow businesses and consumers to make payments safely and efficiently. It was aimed to remove legal barriers to the provision of payment services in the EU. (1) Per the European Payment Institutions Federation, the PI license was put into place for 5 main objectives:
1. Achieve a single payment market in the EU;
2. Provide the regulatory framework for a single payment market;
3. Create a level playing field and enhancing competition;
4. Ensure consistent consumer protection and improving transparency; and
5. Create the potential for more efficiency of EU payment systems.
The license enables payment providers to, among other things, execute transactions as well as issue and acquire payment instruments.
Payscout CEO, Cleveland Brown, said, “Securing our PI license is the next step for Payscout to serve budding entrepreneurs and consumers in the EU. We are excited to have obtained preliminary approval, which will enable Payscout to continue its global expansion, and help emerging business owners achieve the entrepreneurial dream one transaction at a time.”
Mike Norton has been hired as Managing Director of Payscout’s soon-to-open Malta office, and will also oversee the company’s Go Global Now initiative, including an aggressive European expansion. Norton brings over 20 years of experience in the payments industry and has led both systems integration projects and client migration projects for large multinational businesses and systems solution companies across Europe. His experience in merchant acquiring covers all card types, including credit/debit, alternative payment options and prepaid solutions, as well as full back-office processing and solutions from credit and risk, chargebacks, terminal requirements and terminal support, account boarding, fraud and account management.
Norton, who also has experience in business strategy, adds, “When a company like Payscout establishes a meaningful presence in a European business hub such as Malta, they know the impact will be more than just opening an office and hiring employees. Payscout is known for engaging with the people around them and finding ways to serve and enhance the community."
Payscout’s ongoing global expansion has empowered entrepreneurs across the world. Payscout enables these businesses to expand by providing them with payment processing solutions needed to take their ecommerce business across local borders. At the same time, Payscout is dedicated to building community connections through each of its locations by leveraging community outreach and social investment initiatives - all part of the company’s Payscout Gives program.
“With our new PI license, Mike’s experience and Payscout’s commitment to cultural and social empathy, we are confident the new European extension of our Payscout family will succeed in assisting many entrepreneurs and social causes across the EU,” concludes Brown.
About Payscout, Inc.:
“Payscout Supports the Entrepreneurial Dream One Transaction at a Time.”
Payscout is a global payment processing provider covering six continents by connecting merchants and consumers via credit, debit, ATM and alternative payment networks. What differentiates Payscout is its mission “to support the entrepreneurial dream one transaction at a time.” Payscout achieves this by being a thought leader in the payments industry. Its “Go Global Now” technology platform gives merchants instant access to 100+ countries, billions of consumers and trillions of dollars. Payscout offers payment processing solutions for brick-and-mortar and eCommerce transactions, and has earned acclaim as a new-generation provider of merchant banking services, specializing in online/eCommerce retailers with a predominant proportion of card-not-present (CNP) transactions; it is one of the few providers to deliver a true global payment solution that encompasses all merchant risk verticals. Customers can access Payscout’s credit card processing services via a state-of-the-art, web-based user portal and through direct interactions with highly-trained experts. In addition to supporting thousands of clients across a multitude of industries and all 50 American states, Payscout maintains global partnerships with VISA USA, Bank of America Merchant Services, VISA Europe, VISA Latin America, VISA Asia Pacific, MasterCard Worldwide, China Union Pay, Deutsche Bank, First Data and Payscout Brazil. Payscout was recognized as one of America’s fastest-growing privately-held companies in 2014, 2015, and 2016, ranking #2,416 in 2014, #434 in 2015, and #383 in 2016 on Inc. Magazine’s Inc. 500/5000 list. Within the financial services industry, Payscout placed #140 in 2014 and #24 in 2015. For more information, visit http://www.payscout.com.
1. "What Is a Payment Institution?" The Voice of the Payments Industry across the EU - What Is a Payment Institution? N.p., n.d. Web. 12 Dec. 2016.