The uncertainty over when and how the United Kingdom (UK) will leave the European Union remains as great as ever. The potential departure of the UK also affects our regulatory set-up. paysafecard currently operates in the European Economic Area (EEA) through a single legal entity in the UK. Prepaid Services Company Limited (PSCL) is authorised and regulated as an electronic money institution by the Financial Conduct Authority (FCA).
NEW LICENCE FOR EU MERCHANTS
If the UK leaves the EU, a newly incorporated Paysafe Group company based in Ireland, Paysafe Prepaid Services Limited (PPSL) is intended to take over transactions with our EEA merchants. PPSL is authorised and regulated as an electronic money institution by the Central Bank of Ireland. PPSL may provide paysafecard products to customers in EEA going forward.
In this way, we can ensure that our EEA customers do not experience any form of interruption in payment transactions. We intend to continue to provide services to our customers based in the UK and Gibraltar from the UK on the basis of our FCA license. No technical adjustments of any kind need to be undertaken by the merchants.
NEW OFFICE IN DUBLIN
"We have now been working for more than a year on a solution for Brexit," says Udo Müller, paysafecard CEO. He explains how meticulously the entire Paysafe team has prepared for every possible situation. "We have already been able to recruit skilled staff and three managers for our new office in Dublin to fulfill business needs and regulatory requirements. They have been intensively supporting the process up to the issue of the license and beyond."
SOLID LEGAL SECURITY FOR THE FUTURE
The Irish authorities have also played a central role in successfully establishing the new set-up. They have contribution decisively in building-up PPSL, obtaining the license and thus creating a post-Brexit solution sustainable in the long term.
With the new license and our new team in Dublin, paysafecard can thereby ensure that after any kind of Brexit, the business can carry on without friction.