PAYONE becomes a payment institution

Monday 20 April 2015 13:21 CET | News

PAYONE, a payments services provider and a company of the German Savings Banks Finance Group, has been granted a licence on the basis of the German Payment Services Directive (PSD) by the Federal Financial Supervisory Authority (BaFin).

Through this authorisation, PAYONE becomes a regulated payment institution and consequentially has the right to provide payment transaction services to which only banks were entitled in the past. On this basis, PAYONE is going to offer online dealers all components which are required for accepting and processing payments, such as keeping accounts and accepting cards; this offer will be an integrated comprehensive solution.

With the authorisation granted by BaFin, PAYONE is able, in addition to the technical processing and the transmission of payment transactions via the PAYONE platform, to process the entire payment flow up to the payout to the dealer. Within the framework of the new service, the PAYONE experts will be responsible for the more complicated tasks related to cash management for national and international single payments. PAYONE effects a central aggregated payout the dealers current account for all processed payments.

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Keywords: PAYONE, payment institution, payment services, e-payments, payment gateway, customer
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce


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