International instant payments provider Transactive Systems has obtained approval from the Financial Conduct Authority (FCA) to issue e-money and offer payment services in the EU region and the UK.
The approval enables businesses to use Transactive Systems to send and receive payments across the EU instantly at a lesser cost.
Transactive Systems provides various services such as UK Faster Payments, SEPA Credit and Debit Transfer Payments, SEPA Instant, Virtual Bank Accounts and Direct Debits.
It caters to businesses serving payroll, operating in the gig economy, online lending, and fintech businesses requiring simple and fast payments.
The company also offers an open API to enable the addition of payments functionality to a third-party service.
The approval was awarded after assessment of the security of Transactive Systems’ e-money operations including the complete separation of client funds.
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Transactive Systems CEO Noyan Nihat said: “Businesses have been crying out for faster, simpler and better value payment options.
“The old banks’ monopoly on payment services has been broken, and we are delighted to have worked with the UK’s first new clearing bank in 250 years, ClearBank to make this possible in the UK.”
Transactive Systems already has a separate e-money licence with the central bank of Lithuania. The company’s sponsor for the Faster Payment Service is ClearBank.