PAY.ON AG
BaFin confirmes: PAY.ON is not a Payment Service Provider
PAY.ON AG / Key word(s): Computer/Telecommunication/ BaFin confirmes: PAY.ON is not a Payment Service Provider 08.12.2010 / 16:35 PAY.ON AG is solely providing processing services to payment and financial service providers, as confirmed by the Federal Financial Supervisory Authority (BaFin). PAY.ON AG, a global processor of online transactions, does not perform as payment service provider or Payment Institute. This was confirmed officially by BaFin, the German Financial Authority. The recently introduced 'Directive on Payment Services' (PSD) provides a system of licenses to PSPs in order to obtain the status of Payment Institute. These PSD licenses lay down information requirements regarding payment services as well as listing rights and obligations of both PSPs and users. PSD provides the legal foundation for the creation of an EU-wide single market for payments and aims to establish a modern and comprehensive set of rules applicable to all payment services in the European Union. As for PAY.ON, the company has always been solely the processing and consulting partner of PSPs and as such does not act as a Payment Institute. This unique business focus has now been accredited by BaFin. Nikolaus von Taysen, COO of PAY.ON, states: 'PAY.ON offers processing systems that are constantly further developed, always state-of-the-art and able to meet market demands and dynamics in order to provide our clients and business partners with the best possible solution. We do not serve merchants. This is our core business philosophy. It serves to avoid conflicts of interests and allows us to focus on the support of our PSPs.' About PAY.ON AG: PAY.ON AG is an internationally leading supplier of global online payment and risk management technologies, and processor of online payment transactions. The Company offers the core competencies of global outsourcing services and routing for monetary transactions, wallet solutions, risk management and monitoring services, as well as various technical back-end solutions. The global payment technologies and transaction processing of PAY.ON enable clients to serve their customers worldwide by integrating solutions that specifically meet domestic payment demands. Typical clients of PAY.ON are leading payment service providers (PSP), payment scheme suppliers, acquirers as well as risk management providers. The technology and services of PAY.ON are fully integrated into the clients' corporate design as white label. As a technology provider and expert, the Company does not serve merchants. The two core technologies of PAY.ON are PaySourcing(TM) (www.paysourcing.com), a modular platform for global payment outsourcing, and PayPipe(TM) (http://www.paypipe.com), an e-gateway for global payment routing. The technologies of PAY.ON are fully PCI-certified and occur online payments by classical as well as alternative payment methods. The system has connectors at more than 140 third-party systems and supports all major payment methods and currencies worldwide. New connectors are continuously integrated into the PAY.ON platform; on average 3-4 connectors every 4-6 weeks. PAY.ON was established in 2004 by a group of payment experts. The corporate headquarter is in Munich. The Company has subsidiaries in Salzburg, Hong Kong and Manila. www.payon.com Media Contact PAY.ON AG: Martina Kink Tel: +49 (89) 45 230 552 martina.kink@payon.com End of Media Release 08.12.2010 Dissemination of a Press Release, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 105897 08.12.2010
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