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Our Approach to Brexit

The EU has now extended the exit deadline for the UK to the 31st January 2020. Negotiations are ongoing to reach a withdrawal agreement that will, among other things, allow UK-authorised payment providers to continue to serve customers in the EU, EEA,  and EFTA.

If the UK leaves without an agreement – a “No Deal” or “Hard” Brexit – UK-authorised payment providers, such as PXP Financial, will no longer be permitted to provide services in the EU, EEA and EFTA, as the UK FCA licence will no longer be recognised in the bloc.

To ensure business continuity for customers in the event of a Hard Brexit, PXP Financial has set up a partnership with our sister company Finolita Unio LLC.  Finolita has an EMI licence granted by the Central Bank of Lithuania, allowing the company to passport payments to all EU and EEA/EFTA countries. Finolita also holds the appropriate registrations with the applicable card schemes.

We at PXP Financial are committed to ensuring that business will continue as usual for all of our customers, wherever they are. If you have further questions about our Hard Brexit preparations, please see our FAQs below:

Frequently asked questions

We have compiled a list of our most frequently asked questions below:

 

1. What is PXP Financial’s business continuity plan in case of a “Hard” Brexit?

In order to ensure that you can continue to receive services under the merchant agreement in the event of a Hard Brexit, PXP Financial has set up a partnership with Finolita Unio LLC. Under this agreement, all of the PXP Financial EU acquiring aggregation business will be transferred to Finolita. Finolita will have the same contractual obligations to merchants and partners in the EU as we do now.

This plan will only come into effect if there is a “Hard” Brexit.

2. Who is Finolita?

Finolita Unio LLC. is a new financial service provider located in Vilnius, Lithuania. The company holds an electronic money institution (EMI) licence granted by the Bank of Lithuania. This allows the company to passport its services to other EU countries and to countries in the EEA and EFTA.

3. What is the nature of the relationship between Finolita and PXP Financial?

Finolita Unio LLC. is part of our group of companies, it is a ‘sister company’.

4. What impact will Brexit have on our contractual obligations with PXP Financial?

We would like to reassure our valued customers that you remain our priority and as such there will be no change in our service operations. You will continue to be supported by PXP Financial with Finolita as the licence holder and the operational, service and contractual conditions will remain the same. The point of contact and your Client Care Manager will stay the same.

5. What will change in your contract and Terms & Conditions?

In the event of a Hard Brexit, you will receive an official communication, which will detail any points in the contract that will be affected by the handover to Finolita.

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