Elavon Financial Services, a wholly-owned subsidiary of U.S. Bank, has been authorized 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 organization can continue to grow and provide the right payments and banking solutions for UK clients, including authorization, settlement, card machines and banking.
“Elavon has a long history serving our payments and investment services clients across the United Kingdom,” Declan Lynch, CEO of Elavon Financial Services, said. “We’re proud this next step will ensure we can provide the best support for both domestic and global clients.”
This authorization ensures continued operation consistent with the services offered today under the UK’s Temporary Permissions Regime, and exists alongside regulatory oversight from the organization’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 authorization strengthens our reputation in the UK and as a global payments leader,” Hemlata Narasimhan, president of Elavon Merchant Services, said.
