Recommendations needed EMI with IBAN (regular account), e-payments alternative?

[mareinis]

Dear forum members,

Can you please recommend the EMI or Bank for our company. We are internet based company, providing VPN services.
We faced the problem with E-Payments, and now we are looking for a good alternative.

What we are looking for :

- easy opening procedure;
- no video interview an no visit;
- good reputation EMI without strong compliance for transfers;
- possibility to accept payments and pay to third parties.

Thank you very much for recommendations !

 

[JohnLocke]

I assume you already tried with TransferWise right? Otherwise there is also AdvCash and What's your experience with pervesk ? which are good alternatives.

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[mareinis]

mareinis said:
Dear forum members,

Can you please recommend the EMI or Bank for our company. We are internet based company, providing VPN services.
We faced the problem with E-Payments, and now we are looking for a good alternative.

What we are looking for :

- easy opening procedure;
- no video interview an no visit;
- good reputation EMI without strong compliance for transfers;
- possibility to accept payments and pay to third parties.

Thank you very much for recommendations !
Click to expand...

I mean : no video interview and no visit;

 

[Martin Everson]

mareinis said:
I mean : no video interview and no visit;
Click to expand...

Since AMLD5 has come into force across EU. You will need to find an EMI outside EU or find one in EU that is not in compliance and will get blocked very soon like epayments 😕

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[mareinis]

Admin said:
I assume you already tried with TransferWise right? Otherwise there is also AdvCash and What's your experience with pervesk ? which are good alternatives.
Click to expand...

Thank you for advice! I think AdvCash and TransferWise will not give us IBAN/SEPA account.
About Pervesk - we are in process.

reesek said:
there is no emi outside of EU 😉 its the whole concept and legal status of emi that was born in EU and exists only in EU 😉
Click to expand...

We are in EU we are Cyprus company.

Martin Everson said:
Since AMLD5 has come into force across EU. You will need to find an EMI outside EU or find one in EU that is not in compliance and will get blocked very soon like epayments 😕
Click to expand...

Thanks for the advice ! Would you be so kind to give some particular names ? Thanks in advance !

reesek said:
what is the jurisdiction of a company? solution really depends on that
Click to expand...

Cyprus

 

[FinTech Avenger]

Martin Everson said:
Since AMLD5 has come into force across EU. You will need to find an EMI outside EU or find one in EU that is not in compliance and will get blocked very soon like epayments 😕
Click to expand...

Well, there is no requirement for a video interview in AMLD5. There is a requirement for liveness biometric check in place, which is quite different from conducting an onboarding video interview.

 

[Martin Everson]

Incorporator said:
Well, there is no requirement for a video interview in AMLD5. There is a requirement for liveness biometric check in place, which is quite different from conducting an onboarding video interview.
Click to expand...

Unfortunately AMLD5 is a 'Directive' and how it is implemented is down to each EU member state regulator. For example Bafin use Video ID and will ask you questions as simple as a request for your explicit consent on video before process starts. They may also instruct you to say and do basic things on camera.

@mareinis Are you ok with answering basic questions on camera as part of video identification or are you worried about a real interview with i.e explain your reason for opening account etc etc?

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[DGTLOTC]

Video verification is becoming the norm for onboarding purposes with most EMIs

 

[Martin Everson]

EUR99 said:
Video verification is becoming the norm for onboarding purposes with most EMIs
Click to expand...

Yes its the standard that most EU have adopted to conduct liveliness tests as part of AMLD5. Most outsource that verification to companies like IDNow to do on their behalf.

IDnow VideoIdent - IDnow

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[mareinis]

Martin Everson said:
Unfortunately AMLD5 is a 'Directive' and how it is implemented is down to each EU member state regulator. For example Bafin use Video ID and will ask you questions as simple as a request for your explicit consent on video before process starts. They may also instruct you to say and do basic things on camera.

@mareinis Are you ok with answering basic questions on camera as part of video identification or are you worried about a real interview with i.e explain your reason for opening account etc etc?
Click to expand...

We can pass simple video interview. The problem that directors are nominee and they are not deep involved in business processes.

 

[Martin Everson]

mareinis said:
We can pass simple video interview. The problem that directors are nominee and they are not deep involved in business processes.
Click to expand...

EMI will need to see over video everybody who will have signatory rights on account. Your gonna have to look for an EMI outside EU or a sham one operating in EU who is slow on AMLD5 implementation...typically Eastern Europe.

It's a wild shot but you could try currenxie. They are asia focused so not sure on Cyprus company 😕.

Currenxie | Digital Finance

Last edited: Apr 15, 2020
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[JohnLocke]

mareinis said:
Thank you for advice! I think AdvCash and TransferWise will not give us IBAN/SEPA account.
About Pervesk - we are in process.
Click to expand...

rof/% okay

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[bubbledouble]

FinTech Avenger said:
Well, there is no requirement for a video interview in AMLD5. There is a requirement for liveness biometric check in place, which is quite different from conducting an onboarding video interview.
Click to expand...

but how can they do with remote opening if not video interview for onboarding?

Martin Everson said:
It's a wild shot but you could try currenxie. They are asia focused so not sure on Cyprus company 😕.

Currenxie | Digital Finance
Click to expand...

they will open for a Cyprus company sure?

 

[Martin Everson]

bubbledouble said:
they will open for a Cyprus company sure?
Click to expand...

Over 1 year has passed since that post which in banking terms is like 10 years. You need to ask them 😕.

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[bubbledouble]

Martin Everson said:
Over 1 year has passed since that post which in banking terms is like 10 years. You need to ask them 😕.
Click to expand...

okay thank you I did not know. Will try to send bank a ticket or ask around @CyprusLaw do you know ?

 

[pesto]

Martin Everson said:
It's a wild shot but you could try currenxie. They are asia focused so not sure on Cyprus company 😕.

Currenxie | Digital Finance
Click to expand...

it works very well if some need something cheap and fast working.