SafeConnect UAB

Yapily's knowelegde article for SafeConnect Customers using our permanent EU registration.

This article only applies to SafeConnect customers currently using the Fintecture registration

Background

We're pleased to announce that we are now in the final stages of our Brexit transition plan, and following the successful establishment of our fully passported EU entity SafeConnect UAB, we are now able to provide guidance on the following changes needed to migrate SafeConnect customers onto our long term strategic solution.

Changes Required

EU Banks

To continue providing access to EU banks across the transition from Fintecture to SafeConnect UAB, this will require you to implement the following UX changes listed below:

  • Any consumer-facing consent screens should refer to SafeConnect UAB instead of Fintecture.
  • Note: Yapily will need to seek confirmation of this change from TPPs before the new SafeConnect UAB certificate can be applied.
  • The new consent screen text should read:

    Bank of Lithuania Authorisation

    SafeConnect UAB is authorised and regulated by the Bank of Lithuania under Payments Law (LB002045) for the provision of Account Information and Payment Initiation services.

  • SafeConnect UAB Terms and Conditions can be accessed using the following link
  • You can choose to host the PDF or to display link in your application

Transitioning

  • Based on our testing, Yapily has identified that a short period of down time (5 mins) may exist as the registration change is propagated by the bank.
  • Please contact us as soon as you have a date for releasing the consent screen changes explained above so we can set up a date for migration.
  • Throughout this process our team are available to you, as required, to help with any of the transition activity and answer any questions customers may have.

Compliance Update

SafeConnect UAB is a payment service provider regulated by the Bank of Lithuania so certain regulatory requirements (such as KYC checks) may affect you and your end users.

Given that you are already our customer, no additional KYC information is now required. However, it is possible that our team may approach you in future to update the current and/or provide additional information with respect to the AIS/PIS that you use. We also kindly ask you to keep us informed of any changes in KYC information you have already provided (business activity, address, directors, UBO, etc.).


Please note that the above is provided as guidance only, based on our investigations to date and the advice received from applicable public and regulatory bodies. Elements of our mitigation activities remain subject to change. We will ensure that you are kept informed of any such changes in good time and we continue to be available to answer any questions you may have on the process.