As a person working in the banking industry in the United States I am always looking out for anything that makes banking easier for the customer of client. In examining easier ways to perform banking I happen to come across some information about a European banking alternative called PSI Pay. What is PSI Pay? PSI Pay is a company that has been around since 2007 and is based in the United Kingdom. The company administers payment solutions to companies worldwide. PSI Pay fancies itself as a company of total transparency. PSI-Pay has been a main Issuing Member of MasterCard International for almost a decade. PSI-Pay is authorized to provide debit and prepaid payment cards, virtual cards and contactless programs. PSI also has been able to provide prepaid and debit cards. PSI since 2014 has been able to provide MasterCard assistance throughout the European Union.
Being a solutions provider has been the main emphasis for PSI-Pay. They are experts in advising activities related to MasterCard from informing, settlement and approvals along with whatever activities are mandatory by the Financial Conduct Authority(FCA) that also includes reporting, compliance and AML mandates and audits. PSI offers many levels of guidance depending on the regulatory level of the client.
PSI Pay also offers many other benefits to its Programme Managers, such as special safeguarded accounts which means the clients account will not be pooled with other funds. This will give the Manager total visibility and complete openness for the account. Another benefit PSI Pay will provide is the ability to decide their own processing partners. This account flexibility would provide the Programme Manager its own, straight forward contract with their processors giving the Programme Manager the total control needed with integrating this process. This agreement ensures there will be no commercial interference from PSI-Pay because there would be no commercial arrangement will be between the Programme Manager and the processor. One more benefit for Programme Managers is the result of all MasterCard fees. All the MasterCard fees will be sent through directly, with no mark up, to the Programme Manager. PSI Pay will make sure all MasterCard related invoices are made available for the Programme Manager to see, providing another measure of transparency.
PSI Pay is providing services to its partners that would be a win-win situation for PSI Pay and its potential partners. PSI Pay can bring in clients while these clients can get the great benefit of managing their own programs.
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