FCA grants ONPEX transitional UK passporting rights in event of no-deal Brexit
Press Release: ONPEX will be given UK-passporting rights from the Financial Conduct Authority in No-Deal Brexit scenario
Luxemburg, 30 September 2019: ONPEX, a leading provider of multi-currency IBAN accounts, has been awarded a temporary permission regime (TPR) by the UK’s Financial Conduct Authority (FCA). This status will allow the EEA-based payment institution to continue providing financial services to new and existing regulated business within its current passporting permissions in the UK.
ONPEX has taken the step to gain a TPR as part of its plans to ensure a seamless client experience in its services in case the UK withdraws from the European Union on October 31st 2019. This regime would last for one year, giving ONPEX the opportunity to gain full FCA authorisation. Under this new permission, ONPEX will continue to open the European market to its clients with ongoing IBAN issuing, cross-border SWIFT and European SEPA payments, as well as seamless FX.
If the UK leaves the EU without an implementation period, the passporting regime will fall away and EEA-based firms will no longer be able to passport into the UK from exit day onwards – unless they enter the TPR. Therefore, to foster the payment institution’s commitment of providing simplicity, transparency and automation to the payments and banking industry, it’s fundamental for ONPEX to be awarded the TPR status. ONPEX has secured the permission to prevent the disruption caused by Brexit from impacting its clients, revenue, and current business model.
The FCA intends to make use of the temporary transitional power to ensure firms, like ONPEX, can continue to comply with their regulatory obligations as they did before the UK’s Brexit. This will enable firms to adjust to post-exit requirements in an orderly way and means a clear and simple transition for the business’ clients.
Christoph Tutsch, CEO at ONPEX, added: “It’s important that we prepare for all eventualities to ensure our customers are not impacted by any change in law from the UK or EU. By gaining a TPR we have cemented our place in the market, whether the UK leaves with or without a deal. This means our clients still receive the transparent, automated, and simple payment solutions they require.”
To learn more about ONPEX’ services, visit: www.onpex.com
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Notes to Editor
ONPEX is a global provider of modular payment and banking* solutions. The Luxembourg-regulated Payment Institution combines multi-currency IBAN accounts, FX, global transfers, and ePayments into one easy-to-use cloud-based platform. All ONPEX’ services are available via API and web UI with optional white-label capability, enabling digital businesses to offer their own financial services to drive their customers’ success.
Benefiting from ONPEX’ infrastructure, financial institutions, as well as non-regulated businesses expand and simplify their financial services with tailored payment processing and banking*. The ONPEX solution is an in-house developed platform and serves to address the needs of digital businesses offering maximum flexibility while ensuring PSD2 and PCI-DSS compliance. The state-of-the-art platform can be configured for almost any use case involving global and local transfers of currencies.
Founded in 2013, ONPEX persistently strives to add simplicity, transparency, and automation to the banking* and payments industry. ONPEX’ team is over 45 strong with staff serving entities in Luxembourg, Munich and Hong Kong.
*ONPEX S.A. is an authorized Payment Institution supervised by the CSSF in Luxembourg.
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