CreditLadder receives FCA approval for payments
This move allows CreditLadder to organise and request payments on behalf of consumers from their bank to a business’ bank account as an approved payment initiation service (PIS).
PIS gives CreditLadder the ability to initiate payments on behalf of SMEs across any industry, as well as show dashboards with customers’ financial information as an approved account information service (AIS) provider on request.
Sheraz Dar, CEO of CreditLadder, says: “Winning FCA approval is a huge step forward for CreditLadder because it significantly widens the range of services we can offer consumers and SMEs and underlines to them as well as commercial partners and investors the integrity of our platform.”
CreditLadder is one of the 15 companies in the UK to be registered for both AIS and PIS.
AIS and PIS have been made possible by the revised Payment Services Directive or PSD2, which earlier this year brought payment companies like CreditLadder into the regulatory fold.