SegPay Expands Reach in U.K., European Union

Mar 7, 2013 9:00 AM PST

FT. LAUDERDALE, Fla. — Payment service provider SegPay announced today that it is expanding its footprint in Europe and Great Britain.

The company 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, further cementing SegPay’s presence in the U.K.

Every year more EU merchant acquirers are requiring FSA registration to process payment transactions, SegPay noted. The authorization granted by the FSA is an additional level of compliance that allows the company’s clients to rest assured that their business is being handled professionally and properly.

“Gaining FSA authorization puts SegPay in an elite category of PSPs,” SegPay CEO Cathy Beardsley said.

She added, “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 authorization allows SegPay to further build our U.K. 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.

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