The Electronic Money Institution licence approved by the Financial Conduct Authority regulator will allow the specialist B2B travel payments firm to broaden its product offering
Pax2Pay secures e-money licence to support growth plans in the UK
Travel payments platform provider Pax2pay has been granted a licence that will support its plans to expand in the UK.
The Electronic Money Institution (EMI) licence granted by the Financial Conduct Authority (FCA) will enable the firm to broaden its product offering.
The Pax2pay system was developed to make payments easier, faster, and safer for OTAs through its dynamic payments optimisation engine.
This supports a range of payment options including virtual cards alongside other forms of payment and helps travel firms turn processing of payments into an additional revenue source.
Päivö Eerola, Pax2pay chief executive said: ‘This is a crucial milestone for Pax2pay. As an EMI Licensed operator, our legal and regulatory framework will be bolstered, ensuring that we can continue to serve global businesses who depend on the safe and compliant financial services we provide.
“We pride ourselves on bringing peace of mind to our customers - it’s why our platform is built to make payments easier, faster and safer for our users. We’re thrilled to be able to take this next step as a business.
“We’re very excited about the potential this license unlocks for us - in particular the ability to expand and develop our product offering while continuing to support our customers with their growth plans.’