Moves to toughen licensing requirements in some EU member states could have a catastrophic effect on smaller cross-border payment providers, experts have warned.
The revised Payment Services Directive (PSD2) allows payment and e-money providers to avoid full authorisation and supervision by registering as small institutions, providing their transaction volumes are below certain thresholds.
However, industry experts have said that some authorities are going beyond the EU text to stop remittance companies from benefiting from the more relaxed regime.
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