Paytrix Secures Payments Institution Licence in UK

Paytrix, the London-headquartered fintech that simplifies global payments for high-growth businesses, has obtained a Payments Institution Licence in the UK, a significant milestone as it builds out its regulated global payments solution.

After securing the licence, Paytrix is now authorised to provide UK businesses with foreign exchange, remittance and local payment services.

Aran Brown, Paytrix CEO, said: "Achieving a gold standard in compliance and licensing across the whole business, from technology to banking partners, is core to the Paytrix vision. Our compliance-first approach, combined with the deep, technical expertise of our team, gives customers and prospects the confidence they need when it comes to moving money around the globe. Acquiring the Payments Institution Licence is the first tick on our regulatory roadmap as we build out our global payments solution."

The Payments Institution Licence enables Paytrix to sit in the flow of funds which offers a number of benefits to customers and the business. For customers, working within the flow of funds gives them greater control and enables them to optimise the user experience from a commercial and operational perspective.

After securing the UK licence, Paytrix' plans to target further licences across the European Union.

Brown elaborated on Paytrix' plans for securing regulatory approvals: "Paytrix is starting with the UK and EU. There are thousands of opportunities in these regions alone that can benefit from the infrastructure that Paytrix can offer. Beyond that, the focus is not only on enabling European platforms to expand globally but also on becoming a global curation layer for any business — that includes facilitating expansion into Europe for an APAC or LATAM."

Source: Finextra