US Bank subsidiary Elavon lands UK banking authorisation
Elavon Financial Services DAC, a wholly-owned subsidiary of US Bank, has been authorised by the Bank of England as a licenced provider of financial services.
Elavon Financial Services DAC lands UK banking authorisation
With the new licence, Elavon says it will be able to “grow and provide the right payments and banking solutions for UK clients” including authorisation, settlement, card machines and banking services. The licence also covers the full extent of Elavon’s existing operations, including investment services and payment processing.
Founded in 1991 and headquartered in Atlanta, Georgia, Elavon has more than three decades of experience in global payments, employing more than 4,300 people and operating in 10 countries.
Elavon Financial Services DAC, which operates as Elavon Merchant Services, is a credit institution regulated and authorised by the Central Bank of Ireland (CBI).
With the new authorisation, the company says it can continue offering its existing services under the UK’s Temporary Permissions Regime. Under the scheme, Elavon Financial Services DAC will now operate in the UK under a Third Country Branch banking licence, while still adhering to the regulatory oversight of its primary regulator, the CBI.
“The UK market is vital to our business and an integral part of our footprint in Europe,” says Hemlata Narasimhan, president of Elavon Merchant Services.
“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.”
