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: