Hi-Media Group subsidiary Allopass extends its payment institution approval in Europe
Online media group Hi-Media (ISIN code FR0000075988 – HIM, HIM.FR), a European leader in monetization of the Internet audience, today announces extended “Payment Institution” approval for its subsidiary Allopass in Europe.
In August 2011, France’s Prudential Supervisory Authority (ACP) licensed Allopass, the Hi-Media Group’s electronic payments subsidiary, as a recognized payment institution. This allows Allopass to provide payment services under the meaning of article L314-1 of the French Monetary and Financial Code (Code Monétaire et Financier) for categories 3 and 5, i.e. the execution of bank credit transfers including standing orders, the issuance of payment instruments and/or the acquisition of payment orders.
Allopass has since successfully completed the formalities required for approval to operate as an independent service provider in the other European Union countries. To date, Allopass has received approvals from BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany and from five other national supervisory bodies to provide payment services directly to e-tailers in the countries concerned.
These latest European approvals are in addition to those already granted in Europe since 2008 to HPME (Hi-Pay electronic wallet) for the issuance of e-money. Hi-Media’s Payments Division has thus reinforced its position as a leading payments service provider for publishers of digital goods, with two entities now licensed:
- E-money issuer (Hi-Pay)
- Payment institution (Allopass)
Hi-Media Payment is one of the few players on the European market to have brought its activities into compliance with recent regulatory changes in the European Union and is thus in a position to offer its partners and clients total European compliance and and the legal certainty necessary to develop their activities in the retailing of digital goods.
The press release is available for download, here