Elavon Financial Services Receives UK Banking Authorisation
23 Oktober 2023 - 11:10AM
Business Wire
With its longstanding role as a European
payments leader, authorisation continues commitment of EFS to UK
businesses
Elavon Financial Services DAC, a wholly owned subsidiary of U.S.
Bank, has been authorised as a licensed provider of financial
services by the Bank of England.
With Elavon having more than three decades of experience in
global payments, and U.S. Bank a long history in banking, the
license ensures the organisation can continue to grow and provide
the right payments and banking solutions for UK clients, including
authorisation, settlement, card machines, and banking.
“Elavon has a long history serving our payments and investment
services clients across the United Kingdom,” says Declan Lynch, CEO
of Elavon Financial Services. “We’re proud this next step will
ensure we can provide the best support for both domestic and global
clients.”
This authorisation ensures continued operation consistent with
the services offered today under the UK’s Temporary Permissions
Regime, and exists alongside regulatory oversight from the
organisation’s primary regulator, the Central Bank of Ireland
(CBI). Under the scheme, Elavon Financial Services DAC will now
operate in the UK under a Third Country Branch banking license.
The new license will cover the full scope of existing Elavon
operations, including investment services, and payments
processing.
“The UK market is vital to our business and an integral part of
our footprint in Europe. We have long been a reliable and trusted
payments partner for businesses large and small in the UK. This
authorisation strengthens our reputation in the UK and as a global
payments leader,” says Hemlata Narasimhan, President of Elavon
Merchant Services.
To learn more Elavon, please visit elavon.co.uk.
About Elavon
Elavon is a leading global payments company with more than 4,300
employees and operations in 10 countries. A subsidiary of U.S.
Bancorp (NYSE:USB), Elavon provides businesses with the technology
needed to accept payments from customers, whether they are shopping
in stores, at home or on the go.
Its platform is distinctive in that it is common across
countries, making it easier for businesses to get their payment
system up and running quickly and securely.
Elavon Financial Services DAC, trading as Elavon Merchant
Services, is a credit institution authorised and regulated by the
Central Bank of Ireland. Authorised by the Prudential Regulation
Authority. Subject to regulation by the Financial Conduct Authority
and limited regulation by the Prudential Regulation Authority.
Details about the extent of our regulation by the Prudential
Regulation Authority are available from us on request.
About U.S. Bank
U.S. Bancorp, with approximately 75,000 employees and $668
billion in assets as of September 30, 2023, is the parent company
of U.S. Bank National Association. Headquartered in Minneapolis,
the company serves millions of customers locally, nationally and
globally through a diversified mix of businesses including consumer
banking, business banking, commercial banking, institutional
banking, payments and wealth management. U.S. Bancorp has been
recognized for its approach to digital innovation, community
partnerships and customer service, including being named one of the
2023 World’s Most Ethical Companies and Fortune’s most admired
superregional bank. To learn more, please visit the U.S. Bancorp
website at usbank.com and click on “About Us.”
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Media Contact Andy Walsh andrew.walsh@elavon.com
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