About payment institutions
Payment systems are becoming increasingly popular in international business, including, due to tightening conditions for opening bank accounts for foreign companies, as well as due to discontinuation of servicing non-resident clients by many popular banks. Today there are a number of international payment systems that allow convenient and safe non-cash payments around the world.
Payment services are provided by licensed companies (non-banking financial institutions) that provide their clients with the opportunity to effect both domestic and international money transfers through their own Internet platform.
Both individuals and legal entities can open an account with a payment system. An account opened with an international payment system can become a good solution for small and medium business companies practicing frequent incoming and outgoing transactions on the account, e.g. the companies engaged in e-commerce.
Opening account in a payment system allows to:
- effect money transfers;
- use digital wallet;
- use card products;
- exchange currency and other.
Advantages of payment systems
- possibility of remote opening an account;
- prompt international settlements in various currencies (USD, EUR, GBP and others);
- possibility of issue of payment cards;
- remote control over the account via Internet;
- opportunity to deposit/withdraw money to/from bank accounts or accounts in other payment systems;
- European payment systems allocate account numbers in IBAN format and provide access to the benefits of Single Euro Payment Area (SEPA).
Limitations of payment systems
- Payment systems are not designed for depositing or investment of money funds (and therefore they cannot replace bank account to the full extent);
- As with the opening of a bank account, opening a corporate account in a payment system will require disclosure of the ownership structure of the company and identification of its beneficial owners.
Our team will help you to choose a payment system and assist in opening a corporate account in such system.