The new local entity ‘PPRO SA’ (société anonyme) has been authorised to conduct financial services across the EU under the supervision of the national financial services regulator, the CSSF (Commission de Surveillance du Secteur Financier).
PPRO processes cross-border payments for Payment Service Providers (PSPs) and other merchant aggregators. As a financial institution, a license with permission to operate across the European Union is imperative. Without this licence, PPRO would lose passporting rights (the free movement of services within the European Union) once Brexit has been implemented.
Even before the Brexit referendum, PPRO commenced contingency planning to continue its operations in the EU. Subsequently, PPRO decided to apply for an e-money licence in Luxembourg, the same operating licence currently being used in the UK.
Luxembourg is a major e-money regulator and is one of the only few triple A-rated countries in the EU. With strong political and economic stability, many UK fintechs have opted to apply for licences in Luxembourg.
PPRO provides access, processing, and collection services for alternative payment methods and value added services. To find out more about in terms of their services and offering, please visit our dedicated online payments company database.
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