July 22nd, 2015 – Poznań, Poland. Currency One, the biggest player in the Polish online currency exchange market, announced today that it has been granted a license as a Payment Institution by the Polish Financial Supervision Authority (KNF). The license, which covers an extensive assessment, is handed down to those companies that meet rigorous safety standards set forth under the Payment Services Directive (PSD, 2007/64/EC).
Payment Institution – What is it?
The license is issued under the Payment Services Directive (PSD, 2007/64/EC), a regulatory initiative of the European Commission. The directive regulates payment services and payment providers throughout the European Union and European Economic Area. It is meant to increases competition in the payment industry, creating a level playing field for both banks and non-banks alike.
According to the KNF, it also confirms that:
– The company is in good financial standing,
– It is well capitalised, maintaining necessary funds mechanisms for handling of customers money
– Funds for payment transactions are held within separate, safeguarded accounts and are excluded from company’s funds
What are the tangible benefits?
As a Payment Institution, Currency One can commission payments across the globe via its platforms walutomat.pl, valutomat.cz and internetowykaontor.pl.
Additionally, the license will be recognized by the financial regulators across the EEA within 30 days of this announcement, authorizing Currency-One to offer its services throughout the region.
About the Polish Financial Supervision Authority (KNF)
Komisja Nadzoru Finansowego [KNF] – the Polish Financial Supervision Authority [PFSA] supervises the financial services industry in Poland. This includes credit institutions, insurance firms, investment companies, exchanges, pension schemes as well as payment institutions.
KNF was established in 2006 in result of a consolidation of three separate supervisory authorities. It is based in Warsaw, Poland.