Financial Supervision Authority issues paying authority activity license
Based on the Paying Authorities and E-Money Institutions Act, the Financial Supervision Authority has issued a paying authority activity license to Parsum Partners AS.
The activity license for provision of payment services issued to Parsum Partners AS allows Parsum Partners AS to provide the following payment services: depositing of cash to a payment account, withdrawal of cash from a payment account, performing payment transactions, including transferring money to a payment account opened with a payment service provider and execution of a payment transaction if the funds have been granted as a loan to a client of the paying authority, and money transfer.
Under the Paying Authorities and E-Money Institutions Act, which entered into force in January 2010, companies that provide payment service must apply for a paying authority activity license from the Financial Supervision Authority. The activity license must be applied for regardless of whether the provision of payment services is the primary or ancillary area of activity. Paying authorities were not previously subject to Financial Supervision Authority supervision, and companies could provide payment services without a relevant activity license until 30 April 2011.