The Right Response at the Right Time Law Support

Lawyer in Cyprus Location

8 Kennedy Ave., Office 101, CY-1087, Lefkosia, Cyprus Mon - Fri 09:00-18:00 Online Chat : 24/7


C. Hadjivangeli & Partners LLC

Advocates – Legal Consultants


Cyprus lawyer INT:+357-22366777

Account in the payment system

Account in the payment system

Account in the payment system

Thanks to systematic research, it became a well-known that the index of satisfaction of all those who have accounts in current payment systems is constantly growing. There are many factors for this.
The payment system itself consists of a certain technical infrastructure and a set of rules and procedures. If you combine all these elements together, it will make it possible to carry out a non-cash transfer of funds from one subject to another. In addition, each user can choose the payment system that will meet the specifics of the work of a particular company. At the same time, the work of the payment system itself passes through the licensing process, and its activities are subject to serious supervision through the financial authorities.
It is worth paying attention to the fact that payment systems are not engaged in accepting deposits and issuing loans, as well as other types of banking activities. It should be noted that financial regulators very often classify these transactions as risky transactions. A lot of payment systems perform such actions:
• provide an opportunity to assign unique IBAN to customers;
• act as participants in SEPA and SWIFT;
• the opening of merchant accounts, which facilitate the processing of various payments when shopping in the online store.
Also, in payment systems, customers are given the opportunity to make payments not only with the help of a fiat currency, but also with a crypto currency, as well as electronic money. This is important because the financial environment is constantly changing. The procedure itself, which is associated with opening an account, is quite simple, since it takes less than 7 days to complete. A lot of payment systems provide services for the issuance of their own Mastercard and VISA cards, which allow to carry out the withdrawal process. In this case, all cards can be issued the following types:
• cards of a nominal type (provide an opportunity to preserve the full anonymity of the client);
• corporate-style cards with the choice of currency (they allow to cover corporate expenses);
• Salary cards (widely used in the IT sector).
In fact, all cards that are issued by payment systems are ideal for those who systematically carry out trips abroad and calculate it for all kinds of services and purchase of goods.
Also, to have an account opened by the payment system will be beneficial to those organizations that systematically carry out the import and export process, send and receive payments between different countries and companies, offer the possibility of using merchant accounts.
Therefore, it can be said that to date the payment system is an effective tool that facilitates the process of various calculations in the online mode, which will not only be safe for customers, but also convenient.
One of the biggest problems of various payment systems to date is that there are certain restrictions on their use. These may be restrictions on:
• Withdrawal of funds placed on cards;
• the territory where cash payments are made and received;
• implementation of various settlements in foreign currency.
It is very important to pay attention first of all to what requirements you will put forward to the settlement system, and with which countries in the future you will have to cooperate.