Russian online payments provider RBK Money has been granted Authorized Payment Institution status in the UK by the Financial Conduct Authority (FCA). It is the first Russian payments company to obtain this credibility on the major international market.
The move means that RBK Money is now able to offer its services across all EU member states under the Payment Services Directive (PSD) and will be regulated in a similar way to other European Payment Institutions in relation to their capital adequacy, anti-money laundering procedures and data protection, providing additional assurance to its clients and partners.
The company also operates its own e-money license in Russia, which enables RBK Money to offer international businesses access to the Russian market. Cross-border e-commerce sales in Russia are estimated to grow up to 100% in 2013 compared to the previous year.
Andrew Morozov, CEO RBK Money commented, “This is a major milestone in our international expansion and we are very proud to become a trusted and fully authorised payment institution in Europe. As a payments company, we put the trust of our customers as the highest priority and nothing may support this trust more than full compliancy with the tough FCA rules and requirements. As an Authorised Payment Institution, we are able to offer this additional level of security to our clients. RBK Money can now start growing its business throughout Europe and make a significant impact on the industry through the introduction of our innovative payment services, which are already very successful on other markets around the world.”
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