The ePayments payment system announced the continuation of operations and announced a change in the terms of service.
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— ePayments (@myepayments) September 14, 2020
Under the new rules, individuals will be able to receive payments only from companies and will only be able to send money to their own accounts. Payment will be accepted via bank transfer, bank cards and alternative payment methods such as prepaid service cards.
At the same time, ePayments will refuse to work with digital assets:
“We will no longer offer access to cryptocurrency,” the statement said.
The changes also affected the internal control system of ePayments. The company will introduce digital authentication, including biometric technologies, and improve monitoring of client accounts.
In the near future, ePayments will ask customers for up-to-date information to comply with the KYC requirements, as this is an important step in bringing the service into compliance with the requirements of the UK Financial Conduct Authority (FCA).
“This process is an important step toward allowing us to start enabling you to access the funds inside your ePayments account in the future,” the company noted.
Further operations will be possible only after the competition of the data update.