Services Enabling Cash Placement On A Payment Account
Wirepayer can accept cash electronically which is placed on a payment account which you operate.
Services Enabling Cash Withdrawals From A Payment Account
Wirepayer facilitates electronic withdrawals in relation to the payment accounts which you operate.
Execution Of Payment Transactions (Not Covered By A Credit Line)
Wirepayer is authorised to execute payment transactions that are not covered by a credit line.
Payments covered by credit lines include: direct debit using overdraft facilities, payment card such as deferred debit or credit card, electronic cheque using overdraft facilities or credit transfer (such as a standing order) using overdraft facilities.
Wirepayer is authorised to execute spot payments for clients which are "back to back" meaning once the deal has been booked the funds are released only when funds are recieved.
Execution Of Payment Transactions (Covered By A Credit Line)
Wirepayer is authorised to execute payment transactions that are covered by a credit line. This can be applicable through a payment card or a similar device.
Payments covered by credit lines as considered by the FCA include: "direct debit using overdraft facilities, payment card such as deferred debit or credit card, electronic cheque using overdraft facilities or credit transfer (such as a standing order) using overdraft facilities."
Wirepayer is authorised to provide forward contracts were a rate is secured for a period of time at an agreed price. The client is obligated to fulfil their side of the agreement.
Issuing Payment Instruments Or Acquiring Payment Transactions
Wirepayer can issue payment instruments and acquire payment transactions.
1. Issuing of payment instruments is defined in regulation 2 (found in PERG 15.3 in the FCA handbook) as ‘a payment service by a payment service provider contracting with a payer to provide a payment instrument to initiate payment orders and to process the payer’s payment transactions’.
A payment instrument is defined in regulation 2 and means any (a) personalised device or (b) personalised set of procedures agreed between the payment service user and the payment service provider, in both cases where used by the payment service user in order to initiate a payment order.
2. Acquiring of payment transactions is defined in regulation 2 as “a payment services provided with a payment service provider contracting with a payee to accept and process payment transactions which result in a transfer of funds to the payee.”
This includes traditional ‘merchant acquiring’ services enabling suppliers of goods, services, accommodation or facilities to be paid for purchases arising from card scheme transactions. However, as set out in Recital 10 of PSD2 it is designed to be technology neutral and capture the needs of different business models.
Money Remittance
Wirepayer is authorised to facilitate money remittances. Depending on where the money is coming from or going to may incur differing requirements having to be met (e.g, India).
In the FCA handbook, "money remittance is defined in regulation 2 as: "... a service for the transmission of money (or any representation of monetary value), without any payment accounts being created in the name of the payer or payee, where:
Funds are received from a payer for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee;
or
Funds are received on behalf of, and made available to, the payee."
The service of money remittance cannot involve the creation of payment accounts (Wirepayer has this service as a seperate permission) Recital 9 of PSD2 describes money remittance as "a simple payment service that is usually based on cash [including electronic] provided by a payer to a payment service provider, which remits the corresponding amount, for example, via communication network, to a payee or to another payment service provider acting on behalf of the payee.""
Execution Of Payment Transactions Via Telecoms, IT System Or Network Operator
Wirepayer may require verifications via SMS as part of ID checks (e.g, resetting online passwords to allow online payments)
Wirepayer is subject to the regulations as we provide a payment service as a business activity in the UK.
Wirepayer will not be providing a payment service when a customer uses their mobile device merely as an authentication tool to execute payment from the customer’s payment account held with another provider (for example, simply providing instructions to their bank via SMS or a payment application), and payment is not made via you.
Issuing Electronic Money
This is the activity specified in article 9B of the Regulated Activities Order (Issuing electronic money), which is the activity of issuing electronic money, which wirepayer is authorised to do under Electronic Money Regulations 2011.
