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ePayments has decided to close the business, this is how all will fall.

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09/13/2022 02:22 PM
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ePayments has decided to close the business, this is how all will fall.
ePayments has decided to close the business

ePayments has begun the process of closing its doors and entered into an orderly, solvent wind-down.

As you will be aware, the business has been closed for the past three years after our regulator (the UK Financial Conduct Authority (the FCA)) identified some weaknesses in our financial crime controls. We have over this period been working hard to ensure these are up to the required standard, but in these extremely challenging and unprecedented global economic conditions, and with the business being restricted for such an extended period we can no longer sustain the business to build back to what the FCA require and a ‘business as usual’ state.

In practice, this means that we will not return to full operations and will now focus entirely on providing customers with refunds and working through the process of closing your accounts as we close down the business.

Your funds with us remain in safeguarded accounts. The FCA is aware of our decision and this communication.

As we close the business over the coming months we encourage those with funds in their eWallets to withdraw these funds, and those not currently open for refunds to supply any required information required for us to open the refund for you.

If you experience any difficulties with the refund process, please contact us so we may assist you.

We will be in contact again in the weeks ahead with more information about the wind-down process.

We have also developed some FAQs that we hope will help answer any questions you may have about this announcement.

Why are you winding down the business?

Despite all our efforts over the last few months, we are not satisfied that we will return to ‘business as usual’ in the near future. It is important to note that this is not an insolvent wind-down or liquidation of the business, but rather a solvent wind-down following a commercial decision about the future of the business.

Is my money protected?

Yes. Consistent with the Electronic Money Regulations 2011, your funds are held in segregated (“safeguarded”) accounts by our banking partners.

When will I be contacted about my refund?

You may already have been invited for a refund as part of our remediation process for all clients. If you have then it is very important that you engage with that invitation, including by providing any additional information or documentation that we ask you to provide from time to time.

If you have not been contacted, then please check your contact details are up to date. If they are then please rest assured that we are contacting all customers but not doing so at the same time. We will provide progress updates on our website.

When we contact you about your refund you will be asked where the refund is to be sent. This should be your own bank account i.e. not a bank account belonging to another party.

How quick are the refunds going to be?

Where we ask you to provide additional information and documentation and there are delays in providing it then this will delay the refund. Subject to that, refunds can usually be processed in a matter of days or weeks. We will provide regular updates about timing on our website.

Is ePayments or its banking partners covered by the UK Financial Services Compensation Scheme?

No. However, as noted above, your funds are safeguarded in accordance with the 2011 Regulations.

Is ePayments covered by the Financial Ombudsman Scheme?

Yes, although we sincerely hope you will have no cause for complaint about how we conduct ourselves during this refund process.

What if I have more questions or concerns?

Hopefully these FAQ’s will have addressed all of the outstanding questions and concerns you have at this time. As noted, we will be in touch again in the weeks ahead. When you are contacted for a refund you will also be able to ask questions of the ePayments representative with whom you are dealing. You should also keep an eye on our website where we intend to post regular updates about the refunds. However, if you have other questions then please send them in the first instance to [email protected] We will try and respond as quickly as we can.
Yours Sincerely,
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