The Dutch Central Bank has granted international payments provider GlobalCollect a Payment Services Directive license, making the company a certified payment institute, Amsterdam-based GlobalCollect reported on Nov. 29.
With the license, GlobalCollect can reassure merchants they are working with a certified payment-service provider, GlobalCollect says.
The payment directive provides a system of licenses for payment-service providers, implements requirements regarding payment services, and lists rights and obligations of payment-services providers and users, according to GlobalCollect.
The directive also works to provide such electronic payments within the European Union and European Economic Area as credit transfers, direct debits, card payments and funds transfers, and it provides the legal foundation for the Single Euro Payments Area.
SEPA is an initiative the European banking industry launched in 2002 to link European Union and other euro-based countries’ separate national payment systems into a standardized debit system used for cross-border transactions.