If you provide Escrow services you now need to be authorised by the FCA directly or become an agent of a firm willing to take on Escrow providers. To our knowledge AuthoriPay is the only Payment Institution willing to assist such firms.
Escrow services are generally a payment service consisting of the transfer of funds from a payer to a payee, with the service provider holding the funds pending the payee’s fulfilment of certain conditions, confirmation by the payer or confirmation by both parties. An escrow service may be a regular occupation or business activity of a platform even if it represents only a small part of your overall service.
Some companies deal with only a handful of large Escrow transactions per year and for them in particular, our agent programme is an excellent opportunity to remain compliant without the rigours of a full FCA application and the ongoing reporting and fees.