Outpayce, the travel payment division of the Spanish IT conglomerate Amadeus, has secured an Electronic Money Institution (EMI) license from the Bank of Spain, thus gaining the ability to provide regulated payment services.
With this regulatory approval, Outpayce is now authorized to handle customer funds, issue prepaid debit cards, and facilitate money transfers between payment accounts. The company intends to expand these services throughout the European Union.
Outpayce anticipates that its EMI license will soon enable the use of its prepaid virtual cards within corporate self-booking tools and travel agency booking systems. This will facilitate payments to service providers such as airlines and hotels.
David Doctor, CEO of Outpayce, has suggested that the company is in the process of developing a state-of-the-art fintech infrastructure on the Microsoft Azure cloud platform. Additionally, Outpayce plans to collaborate with an increased number of financial institutions and startups.
Having been launched just last year, Outpayce specializes in providing payment solutions tailored to the needs of travel merchants. It boasts of offering a comprehensive infrastructure that allows travel sellers to accept a wide array of card and local payment methods across various channels, including mobile, call centers, websites, and physical touchpoints such as check-in desks.
Source: fintechfutures.com
