Payment service provider
Defined broadly, a payment service provider is an organisation that:
- provides payment services to others that are not participants in a payment system
- for the purposes of enabling the transfer of funds using the payment system.
In a narrower sense, an online payment service provider (PSP) enables e-commerce merchants to accept payments on the merchant's own website.
UK PSPs to remain in SEPA
- "Whatever shape Brexit takes, UK payment service providers (PSPs) will continue to take part in the Single Euro Payments Area (SEPA).
- SEPA managing authority the European Payments Council (EPC) announced the decision in March, following an application that trade body UK Finance filed with the EPC late last year."
- The Treasurer magazine, Cash Management Edition April 2019, p8.