The ePayments payment system announced an imminent resumption of operations and changes to its user agreement.
We are getting ready to start working together again. Please visit our blog to read the latest news: https://t.co/5Agdtij7OI
— ePayments (@myepayments) September 14, 2020
Under the new rules, individuals will be able to receive payments only from companies and will be able to send funds only to their own accounts. Payments will be accepted via bank transfers, bank cards and alternative payment methods, such as the service’s prepaid cards.
At the same time, ePayments will discontinue dealings with digital assets:
“We will no longer offer access to cryptocurrency,” the statement said.
The changes will also affect ePayments’ internal controls. The company will introduce digital authentication, including biometric technologies, and enhance monitoring of customer accounts.
In the near term, ePayments will request up-to-date information from customers to comply with KYC requirements, as this is an important step toward bringing the service into line with the UK Financial Conduct Authority (FCA) requirements.
“This process is an important step toward enabling us to begin giving you access to the funds in your ePayments account in the future,” the company said.
Further steps to resume servicing customers will be possible only after the data update is completed.
ePayments is a popular service among cryptocurrency users in the post-Soviet states. It enables withdrawals via the company’s own plastic card.
The operator of the ePayments system, ePayments Systems Ltd, is a licensed money-transfers institution in the United Kingdom. The company has permissions to open IBAN accounts and issue prepaid cards for individuals, businesses, and online merchants.
Back in February 2020, the ePayments payment system suspended operations after an FCA review of its anti-money-laundering controls. Since then, users have been unable to perform any actions on their accounts.
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full feed, ForkLog — the most important news and polls.