Euronet, through its subsidiary Euronet
Payments & Card Services, has been authorised by the Financial
Service Authority (FSA) in the UK to provide payment services.
The payment processing and services provider
said that this authorisation covers a range of services which
include ATM and POS transaction acquiring and will allow them to
apply for direct membership with the major card schemes.
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After the authorisation, Euronet applied for
and received membership with the two major card schemes, Visa and
MasterCard, for ATM transaction acquiring.
Euronet will be able to directly process ATM
debit and credit card transactions throughout most of Europe,
without the requirement of a sponsor bank.
The company has initiated certification
projects in five European countries, making them one of the few
non-financial institutions with the ability to directly acquire
transactions on independently deployed ATMs.
EPCS is authorised to issue e-money products
and provide payment services in the European Economic Area which
includes Iceland and Norway, and this authorisation to provide
payment services will allow Euronet to provide acquiring services
in 29 European countries.
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By GlobalDataNikos Fountas, senior vice president and
managing director of Euronet’s Europe EFT Division said:
“Previously, anytime we deployed ATMs in new
markets we had to engage in lengthy negotiations to secure a
sponsor bank. Now, with an acquiring license and direct card scheme
membership, an acquiring sponsor bank is no longer required,
allowing Euronet to directly acquire transactions on our
independently deployed ATM networks and settle directly with the
card schemes”.
