Adyen has announced that its UK branch has been granted authorisation 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.
Adyen granted UK banking authorisation
The UK banking authorisation 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 authorisation 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.
In addition, the authorisation secures Adyen’s position in the UK as a conduit for international commerce and growth facilitating payments, data insights, and financial services including its 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.
“Our focus is always on providing our customers with technology that helps them excel,” said Mariëtte Swart, Adyen’s Chief Legal & Compliance Officer.
“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 it becoming a full spectrum global financial technology platform.”
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