In March 2022, the Estonian FIU forced Russian-controlled Garantex Europe OÜ d/b/a Garantex to surrender its crypto license due to money laundering issues with Russia. However, many other FIU-licensed crypto payment processors controlled by Russians engage in illegal activities. One is the notorious scam facilitator and merchant service provider Payeer OÜ d/b/a Payeer, which apparently makes most of its transactions with customers from Russia, Belarus, and Ukraine to date. Payeer is also notorious as a scam facilitator.
Currently, the high-risk payment processor OpenUp.Finance is experiencing problems. Existing and former employees have contacted FinTelegram and provided insider information. We have thus been...
OpenUp is a high-risk payment processor operated by Openup Consulting Services AsP, a company registered in Denmark and owned by Chestnut Investments Lda in Portugal. The only director of Openup is Svetlana Ivanova. On LinkedIn, we found 12 people connected to the OpenUp across different jurisdictions. We published a whistleblower request a few weeks ago, and a former employee confirmed that OpenUp is related to the Indian-British iPayTotal Group and its co-founder Ruchi Rathor. He offered additional intel for money.
An Independent Sales Organization (ISO) is a third-party payment processing company authorized to handle business merchant accounts. ISOs have relationships with acquiring member banks, allowing them to provide merchant services to their customers. While they often have a questionable reputation, ISOs are more flexible and easier to work with than large banks.
Unfortunately, it is an indisputable fact that the payment processing industry is crowded with black sheep and scammers. Especially in the area of high-risk payment processors, many players rip off their merchants. These bad payment processors have included collapsed iPayTotal or the related Paypound or NeoBanQ. On 4 June 2022, Paul Schroeder of the UK-based payment processor Xcepts issued a press release, calling Paypound scammers and thieves.
Tranzap Ltd d/b/a Tranzbase, a PSD Agent registered with the UK Financial Conduct Authority (FCA), is doing business on behalf of its principal Cauri LTD, an FCA-authorized Payment Institution (PR42 profile). The payment agent is focused on online merchants and offers bank accounts with dedicated IBAN for SEPA and SWIFT payments. Additionally, a company prepaid card is offered to merchants.
Merchants are interested in crypto payment options. Gaining new customers and eliminating middlemen are the top two reasons why merchants are interested in accepting cryptocurrency or expanding their crypto payments options, according to “Paying with Cryptocurrency,” a PYMNTS and BitPay collaboration based on a survey of 2,334 consumers and 202 merchants.
After a six-month search, Storfund has appointed Oliver Whelan, previously Worldfirst Global Head of Enterprise, as Chief Revenue Officer. Whelan, who spent ten years at payments fintech Worldfirst, will be responsible for accelerating Storfund's rapid and profitable growth. This press release contains multimedia content.
E-commerce FinTech company SellersFunding is launching two new working capital products to increase its resources for small businesses. SellersFunding is a digital platform with financial products that streamline global trade across working capital, cross-border cash management, and business valuation markets. The two new products, Invoice Factoring and Purchase Order (PO) Financing will allow SellersFunding to expand its offerings to businesses outside the e-commerce and wholesale sectors.
