Today PayPlug has become an Authorised Payment Institution approved by the ACPR (Bank of France)! The authority in charge of regulating the banking sector has validated and congratulated PayPlug’s “technological” approach to banking, differing from more traditional methods. Only some months after raising more than 3 million euros in funds, PayPlug enters a new fase of prosperity.
A banking license, what does that mean?
A baking license is subject to conforming to strict requirements regarding security, internal control methods, adequate capital ratios, etc
"To conform, PayPlug chose to innovate with an infrastructure hosted entirely on the cloud, basing itself on Machine Learning technologies and Big Data, as well as integrating the web data sources into its control tools“ Explained Antoine Grimaud, COO of PayPlug
Thanks to the AWS Cloud, PayPlug now has an evolving and secured infrastructure at its disposal, an extremely rare feat in the traditional banking sector… It is this type of innovative technological approach which has been rewarded by the respective authorities and banking regulators.
How will a banking license change PayPlug?
By becoming an Licensed Payment Institution, PayPlug will gain autonomy and power, allowing them to offer even richer payment services, whilst advancing into new European markets.
For Camile Tyan, CEO of PayPlug, “This approval has arrived shortly after having launched PayPlug in the Spanish and Italian markets. it reinforces our ambition of quickly becoming a key player in online payment at a European level. This certification also implies the recognition of the importance of innovation and is a sign that the World Bank is ready to question itself and to evolve providing more services to its customers, backed by the innovations developed by the FinTech"