Optal, a world leader in optimising B2B transactions, is pleased to announce it has become one of the first UK electronic money institutions (EMIs) to be re-authorised under the EU’s Second Payment Services Directive (PSD2).
The decision by the Financial Conduct Authority (FCA) means Optal can continue its mission to revolutionise the B2B payments sector by uncovering hidden inefficiencies and streamlining processes for its business customers.
PSD2 is one of the biggest regulatory changes to Europe’s payments industry in years, and paves the way towards a Digital Single Market for the EU. Its focus is on enhancing competition, consumer protection and security, as well as extending the reach of the original Directive and bringing into scope new payment services.
It came into force on 13 January 2018, with all new and existing payment and electronic money institutions required to seek authorisation or re-authorisation.
“Part of the rationale for PSD2 is to try and level the playing field across Europe regarding harmonising how different Member States authorise firms”
Vicky Lloyd, Head of Legal at Optal
“It was a major task for us requiring a significant investment of time and resources, so we’re delighted that Optal has become one of the first EMIs to get the green light from the FCA. Reports suggest that many hundreds of other providers have yet to submit their re-authorisation applications.”
Optal’s expertise in optimising B2B payment processes helps organisations in a range of sectors —from travel to insurance — reduce costs and administrative overheads, minimise their exposure to security and fraud risks, and drive business efficiencies.