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Elavon Financial Services Receives UK Banking Authorisation
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Elavon Financial Services DAC, a subsidiary of U.S. Bank, has been authorized as a licensed provider of financial services by the Bank of England. The license ensures the organization can continue to provide payments and banking solutions for UK clients. Elavon will now operate in the UK under a Third Country Branch banking license, covering the full scope of existing operations.
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With its longstanding role as a European payments leader, authorisation continues commitment of EFS to UK businesses
LONDON--(BUSINESS WIRE)--
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.”
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.
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. A subsidiary of U.S. Bancorp (NYSE:USB), Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go.
Its platform is distinctive in that it is common across countries, making it easier for businesses to get their payment system up and running quickly and securely.
Elavon Financial Services DAC, trading as Elavon Merchant Services, is a credit institution authorised and regulated by the Central Bank of Ireland. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
About U.S. Bank
U.S. Bancorp, with approximately 75,000 employees and $668 billion in assets as of September 30, 2023, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2023 World’s Most Ethical Companies and Fortune’s most admired superregional bank. To learn more, please visit the U.S. Bancorp website at usbank.com and click on “About Us.”
