Payment service provider

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Payment systems.

(PSP).

1.

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.


2.

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.


See also