Elavon Financial Services DAC, a wholly owned subsidiary of U.S. Bank, has been authorized as a licensed provider of financial services by the Bank of England.
With Elavon having more than three decades of experience in global payments, and U.S. Bank a long history in banking, the license “ensures the organization can continue to grow and provide the right payments and banking solutions for UK clients, including authorization, settlement, card machines, and banking.”
Declan Lynch, CEO of Elavon Financial Services, said:
“Elavon has a long history serving our payments and investment services clients across the United Kingdom. We’re proud this next step will ensure we can provide the best support for both domestic and global clients.”
This authorization ensures continued operation “consistent with the services offered today under the UK’s Temporary Permissions Regime, and exists alongside regulatory oversight from the organization’s primary regulator, the Central Bank of Ireland (CBI).”
Under the scheme, Elavon Financial Services DAC will now “operate in the UK under a Third Country Branch banking license.”
The new license will cover “the full scope of existing Elavon operations, including investment services, and payments processing.”
Hemlata Narasimhan, President of Elavon Merchant Services, said:
“The UK market is vital to our business and an integral part of our footprint in Europe. We have long been a reliable and trusted payments partner for businesses large and small in the UK. This authorization strengthens our reputation in the UK and as a global payments leader.”
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. A subsidiary of U.S. Bancorp (NYSE:USB), Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go.
Its platform is distinctive in that it is common across countries, making it easier for businesses to get their payment system up and running quickly and securely.
Elavon Financial Services DAC, trading “as Elavon Merchant Services, is a credit institution authorized and regulated by the Central Bank of Ireland.”
As noted in the update, U.S. Bancorp, with approximately 75,000 employees and $668 billion in assets as of September 30, 2023, is “the parent company of U.S. Bank National Association.”