TrustUK Payments, the British subsidiary of Trust Payments, has secured Authorised Payment Institution (API) licence from the UK’s Financial Conduct Authority (FCA).
The license allows the company to facilitate payment service directly in the UK without the need to rely on its existing EU licensing structures or transitional arrangements in the wake of Brexit.
Trust Payments CEO Daniel Holden said: “The UK has always been one of our biggest markets, and our headquarters are in London. Achieving the FCA license is strategically important to us as we can continue to fully operate in the UK without the need for temporary permissions, giving our customers and partners full reassurance of our stronghold in the UK.”
Holden also added that the company will cater to the needs of its EU-based merchants through its EU-licence.
Trust Payments, which is said to have invested heavily on technology and product capability last year, is looking to further advance its investments in the UK.
The company plans to set up a new operations centre in the country to service the UK-based merchants.
Founded in 2019, Trust Payments has 11 global offices and process over £2.6bn in annualised volume for more than 13,000 businesses in 15 settlement currencies.
In September last year, the company joined forces with Guestline – a property management, guest engagement, and distribution software provider to the hospitality industry – to launch GuestPay.
Earlier this week, it was reported that Facebook-owned instant messaging app WhatsApp received clearance to begin payment service in Brazil.
Last month, Chinese telecom company Huawei Technologies secured a payment licence with the acquisition of digital payment firm Shenzhen Sharelink Network.