OffshoreSeychelles
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ePayments is gone!

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If you are looking for professional assistance and information about everything that people do not write about.

Gbewertu

New member
alright, so any chances to get the money back? e.g. to transfer to personal/corporate bank account or so? any references/similar cases in the past?
 

dirtyharry

Mentor Group Gold
I don't think you see your money again but I also thought this about Mister Tango when they had big problems but after a while I got my money back.
 

chingxang

New member
There is a new update in their blog "We are working very hard on putting measures in place to allow customers access to funds and we hope to be in a position to announce a limited process to enable customers to access their funds in the coming weeks. When this happens, we will announce it via our website."
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
What has it been over 3 months now they held peoples money? Peoples money being locked down longer than COVID19.

Never put your money in any Russian EMI again. Learn from you mistakes like I did in the past. They are simply not telling you the truth about what is going on....lol. :confused:. They will hopefully give you back your money in an orderly shutdown of their business.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Look at Epayments current Requirements according to FCA register....lol. Read carefully all restrictions on them. The last part is very telling. Will take Authorities months to go through all the accounts. Plus only firstparty payments to home country from agreed list of clients....lol.


Institution to refrain from AIS or PIS for an indefinite period
Must comply with the requirements in regulation 78A(2)(b)of the Electronic Money Regulations 2011 to refrain from providing account information services or payment initiation services for an indefinite period

Epayments Systems Ltd must inform customers
Epayments Systems Ltd must publish in a prominent place on its website [https://www.epayments.com/], mobile applications and other digital channels, setting out, that it is no longer conducting business.

Epayments Systems Ltd must not register nor on-board new customers
Epayments Systems Ltd must not register nor on-board new customers.

Epayments Systems Ltd must not conduct business with corporate, individuals and/or freelancer customers
Epayments Systems Ltd must not conduct business with customers categorised by Epayments Systems Ltd as corporate, individuals and/or freelancer customers. At this time, the Authority only gives consent to Epayments Systems Ltd to conduct business with an agreed list of customers. Epayments Systems Ltd may only allow first party payments between this agreed list of customers and accounts in their own name with a financial institution within the customer’s jurisdiction of incorporation.
 
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KJK

Entrepreneur
the Authority only gives consent to Epayments Systems Ltd to conduct business with an agreed list of customers

I don't want to defend yet another EMI with Russian ties... however this is really evil from the side of FCA. Basically what they want it for ePayments to lose any useful functionality and become a dumb account that cannot do anything.

Afaik something very similar happened with Paxum which is also very restricted and useless.

I don't see any viable business model for such EMI, basically no revenue possibilities, low margins, if you want to do something like Revolut you will get hit by KYC of absolutely every transfer. So probably the only thing that can happen is that ePayments will allow users to send money to another account registered in their name and then they will shut down.

It is a shame, though yet another reason to use an alternative payment system such as Bitcoin.
 

reesek

EU IBANs for everyone!
Silver Member
so... Bitcoin is not a great payment asset. Stablecoins are.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
I don't want to defend yet another EMI with Russian ties... however this is really evil from the side of FCA. Basically what they want it for ePayments to lose any useful functionality and become a dumb account that cannot do anything.

Well the FCA has indeed damaged their business model. Chances are it was epayments own failures triggering FCA to take action. Sad point is they are allowed to return client money but they are simply choosing not too...why? Why are they holding onto clients money for months during a pandemic? Do they not care people might be suffering and need that money or are they more concerned with loosing the clients and having to shutdown if they can only conduct first party wires? ca#"!

Seems they are looking out for their own interests rather than clients. Pay attention if your a client with funds there. This Russian EMI can but won't give you back your money.
 
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void

Entrepreneur
Sad point is they are allowed to return client money but they are simply choosing not too...why?

How about another perspective? FCA has the power to force epayments not to refuse withdrawal of client funds... why are they choosing not to?
FCA put the clients of epayments to this position but didn't protect their primary interest which is clearly not to lose their money - what is such a regulator good for? Valueless leech...
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
How about another perspective? FCA has the power to force epayments not to refuse withdrawal of client funds... why are they choosing not to?

Good point. Have you asked the FCA why they have not then if its the case? Situation also could be more serious than we realise :confused:.
 

Elve

New member
It is the same with the case of Ipagoo, since a year ago the FCA prohibited them from making transfers because the segregated accounts of the clients' funds were less than the total.

So far, the FCA also has not forced Ipagoo to proportionally reimburse the funds that were available to customers.

I have been saying it for a long time the FCA is of no use for the protection of clients.
 

reesek

EU IBANs for everyone!
Silver Member
who is? auditors?

its a question of reputation i guess
 
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