What is the Meaning of Compliance in Payment ?
and especially at Market Pay
The very core of Market Pay’s activities consists in proceeding transaction flows.
Our duty is to ensure our transactions are safe and genuine while complying with mandatory regulations.
Besides, we also have to guarantee our clients we are trustworthy and we can answer their very needs in terms of payment.
Therefore, Market Pay compliance journey’s is a day to day activity, essential for the company sake.
Our Agreements
Because our activity is linked to money transactions and our siege is based in France, we have to comply with certains norms, regulations and institutions such as the Bank of France and the ACPR (Autorité de Contrôle Prudentiel et Résolutions).
In particular, in order to practice our activity on the payment market we have been granted of certains authorizations.
We have 3 agrements in total, detailed as follow:
- Payment Institution
- Electronic Money Issuer
- PISP
Each of them allow us to provide specific services and merged together they enable Market Pay to make an end-to-end offer on the payment value chain.
Let’s detail a little more about them and their purposes.
Payment Institution
This agreement enables Market Pay to provide every single service in terms of payment.
From Acceptance to Acquiring, we can provide many solutions on the payment value chain.
For example: funds transfer, acceptance and acquiring payment order, providing 3D secure services etc.
Electronic Money Issuer
Electronic Money Issuer, alongside with Payment establishment allows us to provide issuing services such as acceptance of electronic means of payment, etc.
PISP
PISP or Payment Initiation Service Provider is an agreement that allows Market Pay to initiate payment directly from our platform. This innovation is possible because within the PSD2, Banks have to let their API opened.
Thanks to this, Market Pay connects the merchant with the customer bank and allows credit transfers to proceed.
Thus, these agreements are the basics to practice our daily activity.
However, because we were born in the retail world, Market Pay has to face a high level of demands and requirements.
Retail, Payment Experience & Compliance
We were born in the retail universe to manage payment experience.
You could imagine how huge the transaction volume can be, can’t you?
Not only proceeding and ensuring but also guaranteeing transactions and point of sales is part of the job.
On the one hand, we must guarantee the safety of our merchant business through several procedures.
For example we use “ KYC” namely “know your customer” which consists in evaluating the good behaviour and the respect of laws in vigor of our clients.
On the other hand, as a payment service provider, we also have to ensure our merchants customers safety in terms of means of payment.
In fact, with the PSD2 implementation launched in 2015, all payments actors have to align their processes in order to provide 3DS authentication.
As a means to restrict risks consequences, regulations settlement and attenuation measures, it is considered as very serious.
Thanks to regulatory monitoring and a detailed risk mapping our Compliance, intern control & risk team ensures our activity follows all the norms we should comply with.
Our teams investigate and work daily to provide the best compliance services to guarantee both final customers and merchants.
Thus, safety centered vision is in the core conception of our products. Each and every we manage to reach these safety standards to increase our clients profitability and performance in the safest way.
