Under this new agreement, PSI-Pay will become a member of the Saxo Payments Banking Marketplace, offering its clients international transfers for their customers. PSI-Pay is regulated by the FCA in the UK and is a Principal Member of MasterCard. PSI-Pay provides electronic money accounts to their clients enabling them to make online payments.
PSI-Pay also provides card scheme sponsorship services and issues payment cards on behalf of corporates under its own regulatory and MasterCard licenses. As a regulated entity, PSI-Pay needs to be able to handle cross-border payments in multiple currencies in a secure and compliant manner.
The Saxo Payments Banking Marketplace provides PSI-Pay with the platform to achieve this. PSI-Pay is providing its merchants with a Saxo Payments segregated IBAN account which allows them to make payments to their merchants (via a PSI-Pay digital wallet or prepaid card) and make onward payments.
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