Vistra, a provider of advisory and administrative support to fund, corporate, capital markets and private wealth clients, has been granted a European Payment Service Directive 2 (PSD2) licence.
Approved by the Dutch Capital Bank, the licence will enable Vistra to offer escrow and settlement services globally from the Vistra Netherlands office.
Under the newly introduced PSD2, the provision of escrow and settlement services is a licensed activity that requires a licence to operate as a Payment Service Provider.
Vistra offers a range of end-to-end escrow and settlement services to guide clients through the settlement process.
This includes payment security or settlement assurance for various purposes, such as the handling of different asset types, large sums of money, all major currencies, multiple jurisdictions, foreign exchange requirements, high volumes of payments and payees.
Casper Spindelaar, head of escrow and settlement services, says: “Our escrow and settlement solutions can provide clients with the reassurance and protection they require, while ensuring their deals close on time and that their assets and data are secure, particularly in cross-border transactions.
“In addition to competitive pricing, we offer clients speed of service responding with a fee proposal within 24 hours of receipt of the request, and setting up the escrow or settlement structure in no more than two weeks.”
Commenting on the announcement, Nicole van Bunge, Country managing director at Vistra Netherlands, adds: “We are pleased with this important milestone for Vistra as it demonstrates that the Dutch Central Bank recognises our rigorous control framework and attention to detail in our cash management, safeguarding and compliance responsibilities.”
