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Austria grants Dimoco payments license

The Austrian Financial Market Authority has granted a license under the Payment Service Act to Dimoco Payment Services. The awarded license allows Dimoco Payment Services to contribute to the payment value chain, offering merchants a single technical interface and a unified clearing and settlement process for many payment methods, including credit cards, online bank transfers, SEPA and direct debit cards, according to a press release.

"We differ from most PSPs in the global payments ecosystem with our personal touch," said Boris Kersten, managing director of Dimoco Payment Services, in the release. "We proactively and personally monitor the overall payment process. In addition to monitoring individual transactions, we make recommendations and take actions to decrease chargebacks and fraudulent transactions. This process is not simply left to algorithms, the human element is added to the mix resulting in the protection of merchant revenues."

The license application procedure was successfully accompanied by a team of specialists from the Austrian law firm PFR, located in Vienna, guided by its practice head of banking, finance and capital markets, Dr. Bernd Fletzberger.

The new license will be passported to all EU and EAA member countries, according to the release.