Transactive Systems gets FCA e-money licence
Transactive Systems has been authorised by the UK’s Financial Conduct Authority (FCA) as an electronic money institution to issue e-money and provide payment services in the UK.
Noyan Nihat, chief executive of Transactive Systems, says: “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.”
Its sponsor for the Faster Payment Service is ClearBank.
Transactive offers SEPA Credit and debit transfer payments, SEPA Instant, virtual bank accounts and direct debits.
It explains that it is designed for businesses serving payroll, operating in the gig economy, online lending, affiliate marketing and other fintech businesses.
The company provides an open API, “meaning that payments functionality can be easily added to a third-party service”.
Transactive has an existing and separate e-money licence with the central bank of Lithuania.