What is the proper definition of a third-party payment service?
Payments
Asked by Question Bot08/Jan/20151 answer
1 Answer
F
Faisal Khan
Answered 08/Jan/2015
It is really not that easy to describe. Traditional definition cites as someone as a third party payment service if they are not the owner of the transaction but are still processing the funds.
This definition becomes invalid when we consider a licensed money transmitter who for all purposes is the transaction owner, but still behaves as a 3PP.
This definition becomes invalid when we consider a licensed money transmitter who for all purposes is the transaction owner, but still behaves as a 3PP.