Executing on its global approach to building an end-to-end financial technology platform, Adyen’s UK banking authorization secures ongoing service levels for UK businesses.
Adyen (ADYEN:AMS), the global financial technology platform of “choice” for businesses, announced that its UK branch has been “granted authorization as a UK bank.”
This is granted by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) “under Part 4A of FSMA 2000.”
The UK banking authorization allows Adyen “to continue its UK operations in line with those offered today under the Temporary Permissions Regime.”
This is consistent with its operations in Europe “under its European banking license, allowing for a continuation of its high service levels post-Brexit.” The authorization builds on Adyen’s global end-to-end financial technology capabilities. As a local acquirer, Adyen ensures it retains full control of its offering and that UK customers “continue to benefit from its capabilities of speed, flexibility, and reliability.”
In addition, the authorization secures Adyen’s position in the UK “as a conduit for international commerce and growth facilitating payments, data insights, and financial services including our Embedded Financial Products in a single solution.”
In addition, the license allows Adyen “to continue to offer its recently launched embedded financial product suite in the UK.” This enables platform businesses “to deliver financial products to their small and medium-sized businesses (SMB) users.”
The suite includes: bank accounts, virtual or physical cards for simplified cash flow and expense management, and Capital, which “provides SMBs with direct access to cash advances when they need them.”
Mariëtte Swart, Adyen’s Chief Risk & Compliance Officer, said:
“Our focus is always on providing our customers with technology that helps them excel. The UK is a key market for Adyen and we’re excited to cement our position here with this banking authorisation. It will strengthen our ability to help domestic and international businesses achieve their ambitions faster. It’s another stride towards Adyen becoming a full spectrum global financial technology platform.”
As covered, Adyen (AMS: ADYEN) is “the financial technology platform of choice for leading companies.”
By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses “achieve their ambitions faster.”
With offices around the world, Adyen works “with the likes of Facebook, Uber, H&M, eBay, and Microsoft.”