From Blackcat:
Dear Customers,
We're delighted to share that our switch to a new SEPA provider has been successfully accomplished. SEPA will be operated by our reliable and trusted partner Tompay LTD, a distinguished financial institution authorized by the British regulator Financial Conduct Authority with a registration number 931509.
It’s a significant step forward in the evolutionary journey of the
Blackcatcard ecosystem. It has always been diverse, with Papaya Ltd handling account maintenance as a
Blackcatcard issuer, Fintech Assets OÜ executing our loyalty program operations, and Manerio UAB supplying the in-app
crypto exchange and wallet. Now, with Tompay LTD joining the family, our ecosystem will become more robust, ensuring consistent SEPA transfers, and securing us against future service disruptions.
Commencing April, new IBAN account details will be provided to customers. The IBAN assignment will be executed in batches due to the technical complexity of the process. New details will be present in the Blackcatcard app (mobile and web) under the “Transfer” option in the “Account top-up” section. A push notification and an email containing comprehensive instructions for SEPA payments will be sent to customers. Aside from the updated IBAN data, the course of action for sending SEPA transfers, along with the tariffs, will stay unchanged. To receive SEPA transfers to Blackcatcard, new account details shall be used by the sender.
Although the payment execution itself will be fully automated and integrated into Blackcatcard mobile banking, a client identification process on the provider’s side is required to activate SEPA payments for Blackcatcard customers. Considering Tompay LTD carries out its own AML/
KYC procedures, as mandated by the regulatory framework, we've automated and streamlined the data migration process in adherence to GDPR, generally preventing clients from undergoing KYC verification manually. Rarely, if a client’s identity-related concerns arise on the partner's end, it may lead to supplementary screening.
We commit to keeping you posted regarding the timeline. For any queries, we encourage you to consult our FAQ segment provided below and don’t hesitate to bring to our attention any other aspect we can assist you with.
FAQ:
1. What prefix will the new IBAN have? A new IBAN with one of the following prefixes will be assigned to you by our provider: LT, GB or NL.
2. Will the pricing of transfers change? No, pricing remains the same.
3. What will happen/has happened to transactions initiated to IBANs with the MT prefix? Payments that have been made using your old IBAN account will be returned to the sending party.
4. Can I use my old IBAN account with the MT prefix? No, you need to use your new IBAN account.
5. What SEPA protocol will be available for me? Currently, it is a SEPA Credit, and it will be switched to SEPA Instant Credit in the future.
6. Where can I find my new account number? Proceed to the Blackcatcard app (mobile or web) and check the “Transfer” screen in the “Account top up” section.
7. When do I get my SEPA connected? The IBAN assignment will be executed in batches due to the technical complexity of the process.
8. Who operates my account? Account maintenance will be continuously operated by Papaya Ltd. New IBAN accounts at Tompay LTD are used for receiving and sending money utilizing SEPA protocol.
9. I don’t want you to transfer my data to Tompay LTD. Data transfer is carried out in compliance with the updated Terms & Conditions, which will be published at blackcatcard.com, and it is mandatory to access the SEPA transfers. In case you require to waive data transfer, please, contact the Blackcatcard support team 24/7 in the app (mobile or web).
10. How long will the data migration take? We expect the first batches of Blackcatcard clients to be granted access to SEPA during the first weeks of April. We’ll keep you updated on the migration status.
