Electronic Payment Solutions expands offering in Ukraine

Electronic Payment Solutions has expanded its offering with the launch of a service for Ukrainian entrepreneurs and companies that provide services and trade in the European, Asian and North American markets.

Clients of the service are developers, designers, marketers, digital specialists, online merchants, lessors of tourist housing, and Ukrainian owners of foreign companies with registration in more than 40 countries.

The launch allows users to remotely open euro accounts with individual IBANs and immediately receive payments from their clients from all over the world, make SEPA and SWIFT payments in more than 20 currencies, and also transfer their funds to cards issued by Ukrainian banks.

Sergey Baymakov, ELPASO, CEO commented: “The service is in high demand because it simplifies opening and usage of a payment account for entrepreneurs a lot. Numerous verifications and other bureaucratic procedures can last for months when you try to open an account with a traditional European bank. Needless to say that we use remote verification methods. 

“It starts with an application on the ELPASO website that allows you to submit all relevant data and documents remotely and let us efficiently and securely perform our checks. It is convenient and safe, especially in the current pandemic circumstances.”

Yaroslav Smakota, ELPASO Co-Founder, added: “Recently, we have received the status of a principal member of the Mastercard payment system. In November-December, we will begin to issue business cards and debit cards to private individuals. This means that any Ukrainian will be able to remotely open a personal account abroad.”

In 2019, ELPASO received EMI (Electronic Money Institution) authorisation from the British financial regulator. The first customers were companies from the European Union and Asia. The startup’s headquarters is located in Brighton (UK), with R&D provided by IT company Finik.Pro in Ukraine.