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Adyen receives UK bank authorisation

By Ross Henry Law

Dutch payment company Adyen has been granted authorisation as a UK bank.

Approved by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), Ayden said the authorisation would enable it to continue its UK operations in line with its operations in Europe under its European banking licence, allowing for a continuation of its service levels post-Brexit.

It added that the authorisation would also secure Adyen’s position in the UK as a “conduit for international commerce and growth” facilitating payments, data insights, and financial services including its Embedded Financial Products in a single solution.

Adyen was previously operating under the FCA’s temporary permissions regime, which enables relevant EEA firms and funds who were using the passporting regime to transition to the UK full regulatory regime.

“Our focus is always on providing our customers with technology that helps them excel”, said Mariëtte Swart, Adyen’s chief risk and compliance officer. “The UK is a key market for Adyen and we’re excited to cement our position here with this banking authorisation.

“It will strengthen our ability to help domestic and international businesses achieve their ambitions faster."

The authorisation of Adyen may add pressure to Revolut, which has been waiting to receive its own UK banking licence since filing for one in 2021.

Previously in May, Revolut said it was expecting to receive approval “within weeks”, while the neobank’s chief executive Nik Storonsky subsequently blamed recent turmoil in the global financial ecosystem for the delay.

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