What are payment services?
From time to time, I encounter firms where part of their business model involves receiving money from clients which the firm holds and later transmits to a third party.
For me, this always begs the question 'Is this a payment service?'
Sometimes it is and sometimes it isn't. But it is often a question which the firm has not thought to ask and one which they will need help with resolving if they are, however inadvertently, offering a payment service.
In this episode, I'm joined by payments expert Ruairí deBurca to chat discuss the various types of activities which are regulated as payment services. We also discuss what firms can do if they are/would like to include a payment service as part of their customer offering.
Enjoy!

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