Following this announcement, Transact365’s expansion comes at a time when Canada is undergoing a significant transformation toward digital payments and financial services. The new licence will enable the financial institution to focus on its strategy of delivering global solutions for merchants and partners in a localised and secure way.
In addition, Transact365 is expected to continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
UK-based global payments platform Transact365 was developed in order to provide a global payments service platform for merchants and businesses across the world and in different industries. The financial institution works with multiple companies in order to access ecommerce opportunities and capabilities in five continents through local, secure, and efficient payment processing tools.
At the same time, Transact365 is already building on a comprehensive range of existing transaction services across the regions of the UK and Europe, as well as Asian and African markets. The company will continue to link several territories and areas with customers and individuals for an optimised experience, through its centralised and comprehensive payment gateway.
The MSB Licencing in Canada involved the company applying for a permit in order to be active at the FINTRAC as a Financial Transactions and Reports Analysis Centre of Canada (Financial Transaction and Report Analysis Centre of Canada-FINTRAC). The regulatory framework was developed as a multi-layer design that involves the Financial Translational Account Analytic Centre, the Office of the Superintendent of Financial Institutions, and the Canada Revenue Agency.
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