Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By The Monetary Future (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Payoneer Quietly Enters Gibraltar Prepaid Market

% of readers think this story is Fact. Add your two cents.


By Jon Matonis
Forbes
Monday, October 15, 2012

http://www.forbes.com/sites/jonmatonis/2012/10/15/payoneer-quietly-enters-gibraltar-prepaid-market/

Payoneer, a New York-based global payments and money transfer company,
has quietly launched an EU subsidiary situated in Gibraltar having been
approved by the financial regulator there in mid-2012.

Payoneer (EU)
Limited is steadily building out its infrastructure and it is not clear
when, or if, they intend to migrate their prepaid card portfolio to the
Gibraltar location. Howard Gibbs is Managing Director with Lisa Ah-Moye as Finance Director and Mark Taylor as Money Laundering Reporting Officer.

In
addition to facilitating global low-cost money transfers to over 200
countries, the EU subsidiary is focusing on payout solutions for
international corporates, multi-level marketing companies, and affiliate
networks.

Payoneer
maintains its R&D center in Tel Aviv, Israel and is a
privately-held venture with funding from Greylock Partners, Carmel
Ventures and Crossbar Capital. They are most known for their Prepaid
Mastercard product that corporate customers use to pay staff,
affiliates, freelancers, and other service providers. However, since
Payoneer is not a licensed banking institution they have had to
outsource their card issuing business.

The self-governing jurisdiction of Gibraltar changes all of that. There are only three non-bank
E-money institutions authorized under the Financial Services (Banking)
Act for issuing means of payment in the form of electronic money. In
addition to Payoneer (EU), the Gibraltar Financial Services Commission lists Wave Crest Holdings and Transact Network.

Why
is this significant? For starters, it’s a relatively small number of
firms and it is not a new regulatory designation for Gibraltar as it
falls under the EU E-Money Directive of 2009 which amended the 2006 and 2005 Directives that repealed the 2000 Directive. The E-Money Directive is transposed into law and applied nationally by the various member countries within the EU Single Market.

It
is surprising that the Directive is not being leveraged more by the
established U.S. players because it grants a license and the authority
to issue prepaid Mastercard and VISA products directly after attaining
card association membership thereby dramatically lowering the barriers
to entry. Furthermore, it gives international brands an issuance
platform throughout the whole European continent.

Previously, non-banks in the U.S. would have to negotiate a contract with a chartered, regulated banking entity like Choice Bank Limited in Belize or First Covenant Bank in Georgia or MetaBank in Iowa for their prepaid card issuing. Now they can become an issuer themselves.

In related prepaid debit card news, Delaware-based The Bancorp, Inc. has agreed to acquire the assets of Transact Network Limited, the largest e-money licensee and prepaid issuer in Gibraltar.

Frank Mastrangelo, President and COO of The Bancorp stated,
“The acquisition of this platform from Transact Network, a well
regarded Pan-European electronic money institution, will establish a
European Payment Solutions presence for Bancorp and facilitate European
expansion for many of Bancorp’s existing ‘Payment Solutions’ clients. It
will also enable Bancorp to leverage its current BIN Sponsorship and
Program Management
Platforms for a wider set of European Payment solutions and offer
enhanced products, flexibility, capability, and scalability. We will
utilize our success and experience with our US payment solutions
platform to grow our European presence.”

AT THE INTERSECTION OF FREE BANKING, CRYPTOGRAPHY, AND DIGITAL CURRENCY



Source:


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.