FT. LAUDERDALE, FL — SegPay is expanding its footprint in Europe and Great Britain. SegPay is now registered as an Authorized Payment Institution by the United Kingdom’s Financial Services Authority (FSA). This opens the door for expanded services in the EU and will further cement SegPay’s presence in the UK.
Every year more EU merchant acquirers are requiring FSA registration to process payment transactions. The authorisation granted by the FSA is an additional level of compliance that allows SegPay clients to rest easy knowing their business is being handled professionally and properly.
“Gaining FSA authorisation puts SegPay in an elite category of PSPs,” said Cathy Beardsley, CEO of SegPay. “We went through more than a year of intense scrutiny. Through this process, we found that our business model and safeguards, not only protect our clients, but are robust enough to achieve this incredibly high level of compliance. FSA authorisation allows SegPay to further build our UK presence and increase the existing infrastructure.”
The FSA authorization recognizes SegPay as a payment service provider that is secure and capable of properly handling consumer transactions, as well as safeguarding client funds. The authorization process involved a detailed review of the company’s business plan, capitalization, safeguarding of funds, governance arrangements, internal controls, risk management and money laundering controls, compliance procedures, contingency planning and security procedures.
