MIAMI BEACH, Fla.--(BUSINESS WIRE)--SafetyPay™, a secure payment facilitator and clearinghouse benefiting online shoppers, online merchants and banks worldwide has been granted a license as a Payment Institute through the Payment Services Directive (PSD), which enables the company to offer cross border payments throughout Europe.
After nearly two years of working through the rigorous application process, SafetyPay has earned one of only 15 licenses issued throughout Europe, becoming the first company to be licensed in Spain with validity in all European Union countries. The PSD provides requirements regarding payment services and a detailed list of rights and obligations for both Payment Service Providers and users in the European Union. The PSD strives to promote transparent cross-border payments as simple, efficient and secure while also improving competition by opening up payment markets to new companies, enhancing overall cost and efficiency.
As part of the licensing, SafetyPay must adhere to a vast array of compliance regulations set forth by the PSD in order to ensure secure transactions. The PSD license also provides SafetyPay’s payment platform with a great deal of credibility as a secure payments form capable of successfully functioning throughout Europe.
“As SafetyPay looks to expand its global reach into Europe, obtaining the PSD license will enable us to strengthen our position in this market, offering our secure online payment solution,” said Manuel Montero, founder and chief executive officer of SafetyPay. “SafetyPay is honored to receive one of 15 PSD licenses in all of Europe. Our ability to now host cross-border transactions throughout Europe not only provides consumers with a more streamlined payment and shopping experience, but also the assurance of dealing with a licensed and proven payments provider.”
SafetyPay™ is a safe and secure e-payment solution that enables online banking customers to make Internet purchases from merchants worldwide and pay directly through their bank account. Customers are never required to disclose any financial information to the merchants or to SafetyPay, and all payment transactions are done from within the bank’s online environment.