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.”
“Elavon has a long history serving our payments and investment services clients across the United Kingdom”
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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.
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