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December 17, 2013updated 04 Apr 2017 4:09pm

FCA grants RBK Money Authorized Payment Institution status

A leading epayments provider in Russia, RBK Money has announced it has been recognised as an Authorised Payment Institution by the UK's Financial Conduct Authority (FCA).

By Isabella Grotto

A leading epayments provider in Russia, RBK Money has announced it has been recognised as an authorised payment institution by the UK’s Financial Conduct Authority (FCA).

The move will allow RBK to extend its payment service across the EU’s member states under the Payment Services Directive (PSD) regulation.

Recognition by the FCA will entail RBK’s regulation similarly to other European payment institutions according to capital adequacy, anti-money laundering procedures and data protection – a development the company hopes will provide further assurance to its partners and clients.

RBK’s own e-money license enables it to offer international businesses access to the Russian market, where cross-border e-commerce sales is forecast to double in 2013.

Commenting on the development, Andrew Morozov, chief executive officer of RBK Money, said: "This is a major milestone in our international expansion and we are very proud to become a trusted and fully authorised payment institution in Europe.

"As a payments company, we put the trust of our customers as the highest priority and nothing may support this trust more than full compliancy with the tough FCA rules and requirements," he added.

Morozov also referred to RBK’s compliance with European regulation, saying it offered ‘an additional level of security’ to the company’s clients.

"RBK Money can now start growing its business throughout Europe and make a significant impact on the industry through the introduction of our innovative payment services, which are already very successful on other markets around the world," he concluded.

 

Related articles:

MoneyGram, MTS offer money transfer services in Russia

WorldPay eCommerce transaction volume grows 45%

Combatting online fraud as e-commerce grows

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