WHAT IS A "PAYMENT SYSTEM"?

The term "payment system" is gaining more and more weight in the modern financial services market. Innovations are moving forward, together with them, business is increasingly moving into the plane of online activities. Taking into account that it becomes more and more difficult to open an account in a foreign bank every year, given the tightening of AML and KYC requirements, payment systems are an alternative to these financial institutions.

The payment system is a licensed financial company that focuses on electronic services for corporate and private clients, providing them with payments and money transfers in a non-cash way (online transactions). All payments operate on the basis of the Electronic Money Institution (EMI) license and their activities are regulated by law.

Payment systems, like banks, provide a wide range of services for various types of business, work with multicurrency payments, including SEPA and SWIFT, and are actively developing in the field of FinTech technologies. Moreover, they even have their own advantages over banking institutions.

Photo 1 - Opening an account in a payment system

HOW DO PAYMENT SYSTEMS WORK?

Before you start working with payment systems, you should know about their features:

They do not work with cash.
This is not a good idea to use it for storing funds, since payment systems do not participate in the deposit guarantee system. They usually used for instant payments.
There is currency control for all transactions, just like in banks.
Limits for money transfers are set, but most payment systems are very flexible and, upon agreement, can change the standard limits (depending on the client, activity, transaction amount).
Payment systems can have both direct and indirect requisites. In the latter case, when making payments, the recipient will not be the counterparty, but the payment system, the counterparty will be indicated only for the purpose of the payment.

ADVANTAGES OF PAYMENT SYSTEMS:

Payment systems are the future of the financial market. They are rapidly competing with world banks and are entering a new technological level of service.

speed and availability of account opening;
a minimum package of documents and a simplified identification procedure;
the ability to assign IBAN accounts in different countries;
high manufacturability and innovation;
loyalty to activities with High risk;
instant international transactions;
remote account opening and management;
ensuring the security of transactions;
high confidentiality of data, since most payment systems do not participate in the automatic data exchange system (CRS);
a budget option for a start-up business, start-ups and maintenance of IT activities.

Photo 2 - Opening an account in a payment system

SELECTION OF PAYMENT SYSTEM

If it is not possible to independently decide which payment system is most suitable for serving a particular foreign company, Campio group specialists provide services for the individual selection of a payment system. To do this, you need to provide basic information on the client:

country of incorporation of the company;
kind of activity;
planned monthly/annual turnover on the account;
geography of payments;
currency priority.

After analyzing all the data, a list of payments is provided that most closely matches the goals and objectives of each business. Selection of a payment system and analysis of client data are not included in the cost of maintaining an account opening.

CAMPIO GROUP OFFERS THE OPENING OF ACCOUNTS IN THE FOLLOWING PAYMENT SYSTEMS:

If you need to open an account as soon as possible to service your business, we will select the best and most reliable financial solutions for you. Opening an account in a payment system is beneficial in terms of both saving time and money.

If you need to open an account in the payment system, please contact our specialists for advice:

+38 (098) 737-88-88

We will help you open a personal/corporate account in a payment system or in one of more than 70 foreign banks to choose from.

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