As a result of the announcement, Transactive Systems will provide payment services in the UK and across the EU. According to the official press release, Transactive’s sponsor is the UK’s new clearing bank, ClearBank.
Businesses using its services can send and receive payments across the EU in seconds and at a fraction of the cost of traditional banking services. The company has an existing and separate e-money license with the central bank of the Republic of Lithuania, the Bank of Lithuania.
Transactive Systems offers UK Faster Payments, SEPA Credit and Debit Transfer Payments, SEPA Instant, Virtual Bank Accounts and Direct Debits. Its system is designed for businesses serving payroll, operating in the gig economy, online lending, affiliate marketing and other financial technology businesses. Transactive Systems provides an open API, meaning that payments functionality can be easily added to a third-party service.
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