Munich, 08.12.2010

BaFin confirms: PAY.ON is not a Payment Service Provider

PAY.ON AG, a global processor of online transactions, does not perform as payment service provider or Payment Institute. This was confirmed officially by BaFin, the German Financial Authority.

The recently introduced “Directive on Payment Services” (PSD) provides a system of licenses to PSPs in order to obtain the status of Payment Institute. These PSD licenses lay down information requirements regarding payment services as well as listing rights and obligations of both PSPs and users. PSD provides the legal foundation for the creation of an EU-wide single market for payments and aims to establish a modern and comprehensive set of rules applicable to all payment services in the European Union.

As for PAY.ON, the company has always been solely the processing and consulting partner of PSPs and as such does not act as a Payment Institute. This unique business focus has now been accredited by BaFin.

Nikolaus von Taysen, COO of PAY.ON, states: “PAY.ON offers processing systems that are constantly further developed, always state-of-the-art and able to meet market demands and dynamics in order to provide our clients and business partners with the best possible solution. We do not serve merchants. This is our core business philosophy. It serves to avoid conflicts of interests and allows us to focus on the support of our PSPs.”