Electronic Payment Solutions Ltd. (ELPASO) was founded in 2017 by a group of IT geeks, corporate bankers and entrepreneurs is a digital platform for those “who wish to go international in their daily needs like international cross-border payments and currency exchange”, according to its website. The Fintech company became FCA authorised in 2019 under the Electronic Money Regulations (2011) to issue electronic money and provide payment services.
Now, ELPASO has announced it will launch services for Ukrainian entrepreneurs in addition to companies who trade in the markets of Europe, Asia and North America. Clients of the services include, but are not limited to: marketers, developers, online merchants, designers, digital specialists and “Ukrainian owners of foreign companies with registration in more than 40 countries“.
Particularly of benefit, ELPASO offers access to banking services in the EU for Ukrainian businesses. Users can transfer their funds to cards issued by Ukrainian banks, make SEPA and SWIFT payments in more than 20 currencies as well as remotely open euro accounts with individual IBANs and immediately receive payments from their clients from all over the world.
Sergey Baymakov, CEO of ELPASO said, “the service is in high demand because it simplifies opening and usage of a payment account for entrepreneurs a lot. Numerous verifications and other bureaucratic procedures can last for months when you try to open an account with a traditional European bank. Needless to say that we use remote verification methods … It is convenient and safe, especially in the current pandemic circumstances”.
This month (July 2020) the Brighton-based (South UK) company announced plans for new customer services including: Internet acquiring for online business, mobile application, bulk payments to cards issued by Ukrainian banks to individuals and entrepreneurs as well as and customer support in Ukraine.
Yaroslav Smakota, Co-founder of ELPASO added, “in November-December, we will begin to issue business cards and debit cards to private individuals. This means that any Ukrainian will be able to remotely open a personal account abroad”.