The following services are available to consumers of the new category of payment institutions:
- Executing payment transactions (including credit transfers, direct debits, and payments made using a credit card or other similar device);
- Payment instrument issuance and/or acquisition;
- remittance of funds;
- Services in foreign exchange;
- Ancillary services are those that are provided in addition to the main services.
The PSD is currently being revised, and the range of activities that Payment Institutions are permitted to take out is expected to grow (to include for example Payment Initiation Services).
Many payment institutions have developed in the market since the PSD went into effect across the EU.
Before the new laws took effect, several providers were already in the payments business. The PSD now regulates these at the EU level, and they can use the European passport.
The European payments sector is seeing a lot of new participants.
The following sorts of businesses have applied to become PIs in terms of business sectors:
- Money remittances
- Payment transaction execution — direct debits, credit cards, credit transfers, and standing orders
- Processing of credit cards
- Managing a bank account
- Issuing instruments for payment
- Payment Initiation Services
Here is presented API in the UK for sale. Overview of API in the UK for sale Within a few years, the company will be established. The company is in good standing and has not received any regulatory fines. The company’s share capital is 150 000 GBP. Three directors and a compliance officer make up the staff. European banks are used to open accounts (business and...
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