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.

 

[mareinis]

I mean : no video⁢ interview and no visit;

 

[Martin Everson]

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 😕

 

[mareinis]

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

We are in EU we are Cyprus company.⁤

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

Cyprus

 

[FinTech Avenger]

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]

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 reason︀ for opening account etc etc?

 

[DGTLOTC]

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

 

[Martin Everson]

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

 

[mareinis]

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

 

[Martin Everson]

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⁢

 

[JohnLocke]

rof/% okay

 

[bubbledouble]

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

they will open for a Cyprus company sure?

 

[Martin Everson]

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

 

[bubbledouble]

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

 

[pesto]

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