Payhof/Montify - any experiences?

[ravensholm]

Hello,
does anyone have any experience with Payhof/Montify? Some of our counterparties referred us to‌ them for a current account. They are licensed EMIs (Payhof is Montify UAB in Lithuania,‍ Montify is Montify Ltd in the UK) and we were told they open accounts swiftly⁠ and easily for UK/EU entities.
Well, quite the opposite was my experience with their KYC.⁤
Our client, a UK company, needed an account ASAP (their banking service provider acted irresponsibly,⁣ to say the least), so I started a Payhof account setup for them. It went⁢ quite smooth until their KYC officer redirected me to start onboarding via Montify (they reasoned︀ it with post-brexit rules so it looked more or less sensible). Then they asked for︁ the details like bank statements for UBOs with TRANSACTION HISTORY and apostilled company documents (they︂ first asked for them during the Payhof onboarding which seemed legit and assured me they︃ didn't need apostilled company documents for Montify but in about a week they said they︄ did actually need it).
From what I know they both are Russian-affiliated EMIs (seriously though,︅ their staff all speak Russian and sound pretty native, as a Narvan I can clearly︆ say so).
Is there anyone who had any sort of experience with them?

 

[Justastranger]

Hello,

It is very quite about this Payhof/Montify? I have same question: does anyone can‌ share any experience? I'm already busy with them for opening of the corporate account for‍ months and still nothing is finalised.

 

[ravensholm]

Their compliance is not⁠ the fastest for sure, in fact, I'm still stuck with them (it's been like 2⁤ months or more)
From what I know now, Payhof may work with crypto and Montify⁣ will 100% decline it (because reasons)
Also, Payhof will inevitably decline you if you have⁢ no EU citizens as directors and/or UBOs
not sure if they are shady, or just︀ slow or waaay too careful (even though I heard they onboard basically anyone)

 

[Justastranger]

I stuck for about same time with their⁢ compliance.

 

[Justastranger]

Hello, just to share last experience about Payhof/Montify. After having passed the onboarding and having‌ paid 200 EUR as the onboarding fee (like they explained) Payhof started with their compliance.‍ Compliance started to ask for almost same documents I already provided for onboarding and yesterday⁠ I have received an answer: sorry you didn't pass the compliance. Of course nobody explains⁤ the reason, this became a standard now (unfortunately) So all in all I was busy⁣ through the agent to open the account for my company as from February (4 months)!⁢
My company is registered in HK, trading company, not high risk, directors are EU persons.︀ May be someone will be more successful.

 

[Lelapinnoir]

Why i wont put 1 cent in Montify or Payhof......
https://find-and-update.company-information.service.gov.uk/company/12230765/filing-historyMontify Ltd has a‌ capital of 100GBP and already 2 directors changes....
One of the director is Nikolai Timofejev.‍

Then Payhof
In the footer you will have this
UAB Montify LT (acting under trade⁠ name 'PayHof') is an authorised EMI agent working under GlobalNetint, UAB license (Nr. 21) and⁤ supervised by Central Bank of Lithuania for the distribution and redemption of electronic money.

Again Montify .... But let's have a look at the license
https://www.lb.lt/en/sfi-financial-market-participants/uab-montify-lt
Email is payhot not⁣ payhof and we have our nikolai back.....

For me same owner for both of them⁢ even if technically it is 2 different structurees, not enough money and directors to be︀ solid.

It is a good business to open EMI charge crazy fee for KYC and︁ reject 100% of applications, guess what it is legal.

Dont want to say any bad︂ stuff about both of these company, but i wont put 1 cent for the moment︃