First Data Merchant Solutions, First Data’s direct-to-market payment acceptance business, has announced that it has become a UK Payment Institution after successfully achieving independent membership of the UK Financial Conduct Authority (FCA) as well as the MasterCard and Visa card schemes. As a UK Payment Institution, First Data Merchant Solutions says it is now able "to provide payment acceptance facilities independently and without sponsorship from a bank partner."
Raj Sond, General Manager of First Data Merchant Solutions, commented:
Achieving UK Payment Institution status is great news for First Data Merchant Solutions and its clients. Not only does it lay the groundwork for further expansion in the retail payments space, it gives us greater agility as a business to bring new products to market, leverage our extensive industry relationships and work with an even broader range of merchants in the region.”
First Data has also announced a new agreement with Diners Club International that will enable First Data Merchant Solutions clients to accept all cards on the Discover Global Network including Diners Club and Discover transactions. Discover Global Network is comprised of Discover Card, Diners Club International, BC Global Card, DinaCard and Rupay.
Established in the UK in 2002 the business was re-branded in 2011 to First Data Merchant Solutions, creating FDC's first ‘direct to market’ merchant acquiring business outside of North America.