RevoluPAY is the first Canadian bank to obtain the license, which is granted by the Central Bank of Spain.
The PSD2 license is aimed at improving connectivity and cooperation between banks and to help nonconventional banks get a leg up in the playing field. Another goal is to help digital banks become safer and to allow customers better protections when using those services.
RevoluPAY, a blockchain-powered digital banking solution, caters particularly to the leisure sector and the remittance market. According to a press release, the company has “demonstrated the real-world robustness of its FinTech platforms and secured its place in the disruptive banking sector of the future.”
In the press release, RevoluPAY says that now that it has the PSD2 license, it intends to work in Europe and to ultimately expand operations throughout North and South America and Asia.
RevoluPAY, which is available on Apple and Android devices, was conceived “entirely in-house” using proprietary and sector-specific technology, the company said.
The app lets users make B2B payments for leisure, travel, retail, hospitality, remittances, utility bills, lending and other things like pay-as-you-go phone top-ups, eGaming and real estate.
As it acquired the PSD2 license, RevoluPAY pre-emptively increased the paid-up share capital by 300,000 euros, making the capital valued at 735,000 euros as of May 14, the release says.
CEO Steve Marshall said he was pleased with the outcome.
“While this has been a long and arduous road, today we have been granted the PSD2 license,” he said, according to the press release. “I believe that we have utilized the interim time wisely, building a venerable ensemble of revenue verticals, which are now poised to fully capitalize upon the new unlimited processing ability granted to us via this proprietary Central Bank-issued PSD2 license.”