[{"data":1,"prerenderedAt":351},["ShallowReactive",2],{"docsRouteMap":3,"blog":19,"\u002Fblog":40},{"domain":4,"doc":8},{"NEXPAY":5,"NEXDESK":6,"GLOBITEX":7},"https:\u002F\u002Fstatic.paynexpay.com","https:\u002F\u002Fstatic.nexdesk.io","https:\u002F\u002Fstatic.globitex.com",{"NXP_BUSINESS_TERMS_CONDITIONS":9,"NXP_INDIVIDUALS_TERMS_CONDITIONS":10,"NXP_PRIVACY_POLICY":11,"NXP_COOKIE_POLICY":12,"LEAFLET_YOUR_RIGHTS_PAYMENTS_EU":13,"NXD_TERMS_CONDITIONS":14,"NXD_PRIVACY_POLICY":15,"NXD_SUSTAINABILITY_INDICATORS":16,"NXD_CLIENT_COMPLAINT_FORM":17,"NXD_CLIENT_COMPLAINT_HANDLING_POLICY":18},"\u002Fdocs\u002Fnexpay_business_tc.pdf","\u002Fdocs\u002Fnexpay_individuals_tc.pdf","\u002Fdocs\u002Fprivacy_policy.pdf","\u002Fdocs\u002Fcookie_policy.pdf","\u002Fdocs\u002Fleaflet_your_rights_payments_eu_en.pdf","\u002Fdocs\u002FT&C_NEXDESK_SIA.pdf","\u002Fdocs\u002FSIA_Nexdesk_Privacy%20policy.pdf","\u002Fdocs\u002FSustainability_indicators.pdf","\u002Fdocs\u002FClient_Complaint_form_Nexdesk_SIA.pdf","\u002Fdocs\u002FClient_Complaint_Handling_Policy_Nexdesk_SIA.pdf",{"id":20,"title":21,"body":22,"description":23,"extension":24,"meta":25,"navigation":26,"path":28,"seo":29,"stem":38,"__hash__":39},"blog\u002F7.blog.yml","Blog",null,"Discover the latest insights, tutorials, and updates from our team. Stay informed about web development trends, best practices, and innovative solutions.","yml",{},{"icon":27},"i-lucide-newspaper","\u002Fblog",{"title":30,"description":31,"keywords":32},"Blog with useful information, updates and guides","Find useful guides and behind the scenes information about Nexpay in our blog. Nexpay — banking infrastructure for digital businesses.",[33,34,35,36,37],"Nexpay blog","business banking guides","payments guides","product updates","fintech insights","7.blog","mdnJjalGWsh2tiSxm3AyVeP55Stz1olYroKpFNKsMpQ",[41,61,78,95,113,129,147,164,181,199,215,232,249,265,282,298,315,333],{"id":42,"title":43,"body":22,"description":44,"extension":45,"hovered":46,"image":47,"labels":48,"meta":49,"navigation":51,"path":52,"published":53,"seo":54,"stem":59,"updated":53,"__hash__":60},"posts\u002F7.blog\u002Fintroducing-dual-pillar-deal.json","Introducing the Dual Pillar Deal","Nexpay and Magnetiq Bank are closing that gap with the Dual Pillar Deal - a partnership that pairs Nexpay's payments infrastructure with Magnetiq Bank's safeguarding services under a single, coordinated offering.","json",false,"\u002Fassets\u002Fimages\u002Fblog\u002FDual_Pillar_Deal_Blog__A.png","Posts",{"content":50},"\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Magnetiq Bank and Nexpay logos\" border=\"0\" data-original-height=\"478\" data-original-width=\"801\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FDual_Pillar_Deal_Blog__A.png\">\u003C\u002Fdiv>\u003Ch2 >\u003Cbr>\u003C\u002Fh2>\u003Cdiv >\u003Cspan >\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Cdiv >\u003Ch2>Your Payments and Safeguarding in One Deal\u003C\u002Fh2>\u003C\u002Fdiv>\u003Cdiv >Organizations entering the European market face a familiar bottleneck: the institution that can process their payments usually isn't a bank that can safeguard their funds. Risk-averse institutions steer clear of high-risk payment flows, while the electronic money institutions (EMIs) that specialize in these flows often can't provide safeguarding themselves. The result is a gap that slows down licensing, onboarding, and go-to-market timelines for exactly the companies that need speed the most.\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Ch2 >The Problem We're solving\u003Cspan > \u003C\u002Fspan>\u003C\u002Fh2>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >The issue isn't that payments and safeguarding are hard to find separately. It's that finding a bank with the risk appetite for high-risk payment flows \u003C\u002Fspan>\u003Ci >and\u003C\u002Fi>\u003Cspan > the infrastructure to safeguard client funds properly is rare. Traditional banks tend to deprioritize this segment, and EMIs - while built to move money for higher-risk verticals - aren't equipped to hold and safeguard funds on their own.\u003C\u002Fspan>\u003Cbr>\u003Cbr>\u003Cspan >That mismatch forces clients to put together multiple vendor relationships, negotiate separate onboarding processes, and absorb the cost and delay of coordinating between parties who weren't built to work together.\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Ch2 >\u003Cspan >What the Dual Pillar Deal Changes \u003C\u002Fspan>\u003C\u002Fh2>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003Cspan >\u003Cdiv >The Dual Pillar Deal removes that friction by bringing both pillars - payments and safeguarding - into one relationship:\u003C\u002Fdiv>\u003C\u002Fspan>\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >Nexpay\u003C\u002Fspan> handles the payments infrastructure, built for high-risk and high-volume flows.\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >Magnetiq Bank\u003C\u002Fspan> provides the safeguarding services that protect client funds and satisfy regulatory requirements.\u003C\u002Fdiv>\u003Cdiv>\u003Cdiv >\u003Cbr>\u003Cspan >Instead of onboarding with two separate institutions sequentially, clients can move through both processes in parallel - cutting the time it typically takes to get fully operational. And because the deal is structured as a single partnership rather than two disconnected vendor relationships, it also reduces the overall cost of getting set up.\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Ch2 >\u003Cspan >Powered by Nexdesk\u003C\u002Fspan>\u003C\u002Fh2>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003Cspan >The Dual Pillar Deal is also connected to \u003C\u002Fspan>\u003Cspan >Nexdesk\u003C\u002Fspan>\u003Cspan >, Nexpay's sister company and a MiCA-licensed OTC desk. For clients that need liquidity or OTC execution alongside payments and safeguarding, Nexdesk extends the offering without adding another disconnected vendor to the stack.\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Ch2 >\u003Cspan >\u003Cb>Who this is for \u003C\u002Fb>\u003C\u002Fspan>\u003C\u002Fh2>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003Cspan >The Dual Pillar Deal is built for clients navigating exactly this kind of onboarding complexity:\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >1. MiCA newcomers\u003C\u002Fspan> entering the European market under the new regulatory framework\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >2. EMI and PI applicants\u003C\u002Fspan> working through licensing and need safeguarding in place from day one\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >3. SPIs and PSPs\u003C\u002Fspan> looking to consolidate their payments and safeguarding relationships under one partnership\u003C\u002Fdiv>\u003Cdiv >\u003Cbr>\u003Cspan >If your business fits any of these profiles, the Dual Pillar Deal is designed to remove one of the more time-consuming steps in getting to market.\u003C\u002Fspan>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Ch2 >\u003Cspan >Check Your Eligibility \u003C\u002Fspan>\u003C\u002Fh2>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003Cspan >Payments and safeguarding shouldn't require two separate negotiations, two onboarding timelines, and two sets of compliance checks. The Dual Pillar Deal brings both under one roof - so you can move faster, with lower overhead, from day one.\u003C\u002Fspan>\u003C\u002Fdiv>\u003C\u002Fdiv>\u003Cdiv >\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003C\u002Fdiv>\u003Ch2 >\u003Cspan >Contact us to learn more \u003C\u002Fspan>\u003C\u002Fh2>",true,"\u002Fblog\u002Fintroducing-dual-pillar-deal","2026-07-23T12:43:54Z",{"keywords":55,"title":43,"description":44},[56,57,58],"Dual Pillar Deal","Nexpay offer","business account offer","7.blog\u002Fintroducing-dual-pillar-deal","jk6MC_OgIemnENpq4UDTK6cGpjMU3YPfEWvwNC6ajUI",{"id":62,"title":63,"body":22,"description":64,"extension":45,"hovered":46,"image":65,"labels":48,"meta":66,"navigation":51,"path":68,"published":69,"seo":70,"stem":75,"updated":76,"__hash__":77},"posts\u002F7.blog\u002Fnexpay-launches-usd-transfers.json","Nexpay Launches USD Transfers: Recipients Receive US Dollars Directly","Nexpay now offers USD transfers for business clients. Client balances are held in EUR, and Nexpay converts EUR to USD at the time of transfer, the recipient receives US dollars directly, without needing to convert the payment themselves.","\u002Fassets\u002Fimages\u002Fblog\u002FUSD_transfers_announcement.png",{"content":67},"\u003Cdiv class=\"separator\" >\u003Cimg alt=\"USD transfers are here\" border=\"0\" data-original-height=\"1200\" data-original-width=\"1200\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FUSD_transfers_announcement.png\">\u003C\u002Fdiv>\u003Cbr>\u003Cp >\u003C\u002Fp>\u003Cbr>\u003Cbr>\u003Cp>\u003C\u002Fp>\u003Cp>\u003C\u002Fp>\u003Ch2 >\u003Cspan >What Are Nexpay's New USD Transfers?\u003C\u002Fspan>\u003C\u002Fh2>\u003Cp >Nexpay's USD transfers let business clients send payments in US dollars to recipients, even though the client's own balance with Nexpay is held in EUR. Nexpay handles the EUR-to-USD conversion at the point of transfer, so the money arrives on the recipient's side already in USD.\u003C\u002Fp>\u003Ch2 >\u003Cspan >Why Does This Matter for Businesses?\u003C\u002Fspan>\u003C\u002Fh2>\u003Cp >For companies whose partners, or customers expect to be paid in USD, this removes an extra step on the recipient's end: they no longer need to receive EUR and convert it themselves.\u003C\u002Fp>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Ch2 >\u003Cspan >Who Benefits from Nexpay's USD Transfers?\u003C\u002Fspan>\u003C\u002Fh2>\u003Ch3 >\u003Cbr>Crypto exchanges and platforms\u003C\u002Fh3>\u003Cp >Crypto exchanges, wallets, and crypto-native platforms use Nexpay's USD transfers to pay out in USD for trading, liquidity, and user withdrawals, without asking recipients to convert EUR themselves.\u003C\u002Fp>\u003Ch3 >Forex brokers\u003C\u002Fh3>\u003Cdiv >Forex brokers can settle payouts in USD through Nexpay without needing to establish a US entity to do so.\u003C\u002Fdiv>\u003Ch3 >\u003Cspan >SaaS and subscription businesses\u003C\u002Fspan>\u003C\u002Fh3>\u003Cp >SaaS and subscription businesses use Nexpay's USD transfers to bill international customers in USD, so customer charges are settled in the currency the customer expects, even though Nexpay account balances remain in EUR.\u003C\u002Fp>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Ch2 >\u003Cspan >How Do Nexpay's USD Transfers Work?\u003C\u002Fspan>\u003C\u002Fh2>\u003Cp >Nexpay's USD transfers are built into the existing Nexpay account setup used by current business clients. Client balances stay in EUR; at the time of a USD transfer, Nexpay converts the required amount to USD and sends it to the recipient. No separate platform or account is required.\u003C\u002Fp>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Ch2 >\u003Cspan >How Can a Business Get Access to Nexpay's USD Transfers?\u003C\u002Fspan>\u003C\u002Fh2>\u003Cp >Nexpay's USD transfers are available now to business clients. Businesses can contact Nexpay directly or talk to their account manager to enable USD transfers on their account.\u003C\u002Fp>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Ch3 >\u003C\u002Fh3>\u003Ch2>\u003Cspan >Frequently Asked Questions\u003C\u002Fspan>\u003C\u002Fh2>\u003Cspan >\u003Cbr>\u003C\u002Fspan>\u003Cdiv >\u003Ch3>\u003Cb>Are Nexpay balances held in USD or EUR? \u003C\u002Fb>\u003C\u002Fh3>Nexpay business client balances are held in EUR. USD transfers are converted from EUR to USD at the time each transfer is sent.\u003C\u002Fdiv>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Cdiv >\u003Ch3>\u003Cb>Does the recipient need to convert the payment themselves? \u003C\u002Fb>\u003C\u002Fh3>No. Nexpay converts EUR to USD before sending, so the recipient receives US dollars directly.\u003C\u002Fdiv>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Cdiv >\u003Ch3>\u003Cb>Do I need a US entity to send USD payouts with Nexpay? \u003C\u002Fb>\u003C\u002Fh3>No. Nexpay's USD transfers allow forex brokers and other business clients to settle payouts in USD without establishing a US entity.\u003C\u002Fdiv>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Cdiv >\u003Ch3>\u003Cb>Which industries can use Nexpay's USD transfers? \u003C\u002Fb>\u003C\u002Fh3>Nexpay's USD transfers are used by crypto exchanges, forex brokers, iGaming and sportsbook operators, and SaaS\u002Fsubscription businesses, among other business clients paying recipients in USD.\u003C\u002Fdiv>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Cdiv >\u003Ch3>\u003Cb>How do I enable USD transfers on my Nexpay account?\u003C\u002Fb>\u003C\u002Fh3>Contact Nexpay directly or speak with your Nexpay account manager to enable USD transfers.\u003C\u002Fdiv>","\u002Fblog\u002Fnexpay-launches-usd-transfers","2026-07-17T14:04:47Z",{"keywords":71,"title":63,"description":64},[72,73,74],"USD transfers","US dollar payments","international payments","7.blog\u002Fnexpay-launches-usd-transfers","2026-07-22T09:56:29Z","EhGvaw8ipqv6OS7QE_X4yegogbgIksFXIZqV4yA3oWc",{"id":79,"title":80,"body":22,"description":81,"extension":45,"hovered":46,"image":82,"labels":48,"meta":83,"navigation":51,"path":85,"published":86,"seo":87,"stem":92,"updated":93,"__hash__":94},"posts\u002F7.blog\u002Fsepa-instant-payments-now-available-at.json","SEPA Instant Payments Now Available at Nexpay","Nexpay now offers SEPA Instant payments, enabling real-time euro transfers across Europe 24\u002F7. Faster settlements, improved cash flow, and seamless cross-border transactions.","\u002Fassets\u002Fimages\u002Fblog\u002FSEPA_Instant_Live_on_Nexpay.jpeg",{"content":84},"\u003Cp>\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"SEPA Instant live on Nexpay, over a map of Europe with euro payment connections\" border=\"0\" data-original-height=\"1536\" data-original-width=\"1536\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FSEPA_Instant_Live_on_Nexpay.jpeg\">\u003C\u002Fdiv>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp >Nexpay has introduced \u003Ca href=\"https:\u002F\u002Fpaynexpay.com\u002Fproduct#productSepa\" target=\"_blank\">SEPA Instant payments\u003C\u002Fa>, enabling clients to send and receive euro transfers within seconds across the Single Euro Payments Area (SEPA). This enhancement strengthens our European payment capabilities and delivers faster, more efficient cross-border transactions for our clients.\u003C\u002Fp>In this article, we explain what SEPA Instant is, how it works, and what this launch means for Nexpay clients. \u003Cbr>\u003Cdiv>\u003Ch2 data-end=\"621\" data-start=\"597\">What Is SEPA Instant?\u003C\u002Fh2>\u003Cp >\u003Ca href=\"https:\u002F\u002Fwww.ecb.europa.eu\u002Fpaym\u002Fretail\u002Finstant_payments\u002Fhtml\u002Findex.en.html\" target=\"_blank\">SEPA Instant Credit Transfer (SCT Inst) is a European payment scheme\u003C\u002Fa> that allows euro transfers to be processed in under 10 seconds, 24\u002F7, including weekends and public holidays.\u003C\u002Fp>\u003Ch3>How SEPA Instant Works\u003C\u002Fh3>\u003Cp>\u003C\u002Fp>\u003Cp>When a SEPA Instant payment is initiated:\u003Cbr>\u003C\u002Fp>\u003Col>\u003Cli>The sender authorizes the transfer.\u003C\u002Fli>\u003Cli>The system verifies funds in real time.\u003C\u002Fli>\u003Cli>The receiving bank confirms acceptance.\u003C\u002Fli>\u003Cli>The beneficiary receives funds within 10 seconds.\u003C\u002Fli>\u003C\u002Fol>\u003Cp>The process is automated and operates continuously, eliminating traditional banking time restrictions. Unlike traditional SEPA transfers that can take several hours or one business day, SEPA Instant payments are:\u003C\u002Fp>\u003Cul >\u003Cli>Processed in real time\u003C\u002Fli>\u003Cli>Available 24\u002F7\u002F365\u003C\u002Fli>\u003Cli>Designed for euro-denominated transactions\u003C\u002Fli>\u003Cli>Supported across participating SEPA countries\u003C\u002Fli>\u003C\u002Ful>This payment method is transforming how businesses manage cash flow and how customers move money across Europe.\u003C\u002Fdiv>\u003Cdiv>\u003Ch2 data-end=\"1233\" data-start=\"1185\" >Why Nexpay’s SEPA Instant Integration Matters\u003C\u002Fh2>\n\u003Cp >By introducing SEPA Instant payments, Nexpay enhances speed, flexibility, and competitiveness within the European payments ecosystem.\u003C\u002Fp>\u003Ch3 data-end=\"1400\" data-start=\"1370\" >Faster Business Operations\u003C\u002Fh3>\u003Cp >For example, businesses can now:\u003C\u002Fp>\u003Cul >\u003Cli>Pay suppliers instantly\u003C\u002Fli>\u003Cli>Receive customer payments within seconds\u003C\u002Fli>\u003Cli>Improve liquidity and working capital management\u003C\u002Fli>\u003Cli>Reduce settlement delays\u003C\u002Fli>\u003C\u002Ful>For fintech companies, e-commerce platforms, and digital service providers, instant settlement improves operational efficiency and user experience.\n\u003Ch3 data-end=\"1760\" data-start=\"1728\" >Improved Customer Experience\u003C\u002Fh3>\nIn today’s digital economy, payment speed plays a critical role in customer satisfaction and retention. SEPA Instant end users benefit from:\u003Cul >\u003Cli>Immediate payment confirmations\u003C\u002Fli>\u003Cli>Faster withdrawals\u003C\u002Fli>\u003Cli>Real-time transfers between accounts\u003C\u002Fli>\u003C\u002Ful>\u003Ch3 data-end=\"2037\" data-start=\"1993\" >Stronger Position in the European Market\u003C\u002Fh3>\n\u003Cp data-end=\"2279\" data-start=\"2039\">As SEPA Instant adoption becomes the standard across the EU, financial institutions that support real-time transfers strengthen their competitive position while staying fully compliant with evolving regulations. Nexpay’s SEPA Instant integration allows our clients to offer fast, reliable, and regulation ready payment services.\u003C\u002Fp>\u003Ch2 data-end=\"2709\" data-start=\"2663\" >Who Can Benefit from SEPA Instant Payments?\u003C\u002Fh2>\n\u003Cp >SEPA Instant payments are particularly valuable for:\u003C\u002Fp>\u003Cul >\u003Cli>Fintech platforms\u003C\u002Fli>\u003Cli>E-commerce businesses\u003C\u002Fli>\u003Cli>Corporate clients operating across EU borders\u003C\u002Fli>\u003Cli>High-volume transaction businesses\u003C\u002Fli>\u003Cli>Companies requiring real-time treasury management\u003C\u002Fli>\u003C\u002Ful>\u003Ch2 >Beyond SEPA Instant: Real-Time Payments via Stablecoins\u003C\u002Fh2>\u003Cp >As part of the broader payment ecosystem that includes Nexpay and its SEPA Instant capabilities, Nexdesk enables rapid settlement of stablecoin trades directly into Nexpay euro accounts. This allows clients to convert digital assets into euro liquidity efficiently, which can then be used for near real-time SEPA Instant transfers. By combining stablecoin settlements with traditional euro payment rails, businesses benefit from greater flexibility, faster liquidity management, and seamless integration between crypto and fiat payments.\u003C\u002Fp>\u003Ch2 data-end=\"3017\" data-start=\"2962\" >The Growing Importance of Instant Payments in Europe\u003C\u002Fh2>\u003Cp >Instant payments are rapidly becoming the standard for euro transactions. Regulatory developments and increasing market demand are accelerating adoption, making real-time transfers essential for modern financial service providers.\u003C\u002Fp>By launching SEPA Instant payments, Nexpay demonstrates its commitment to innovation, efficiency, and advanced payment infrastructure. Our clients can now move funds instantly, enhancing operational efficiency, improving cash flow management, and elevating customer experience.\u003C\u002Fdiv>","\u002Fblog\u002Fsepa-instant-payments-now-available-at","2026-03-03T11:11:00Z",{"keywords":88,"title":80,"description":81},[89,90,91],"SEPA Instant","SEPA Instant payments","instant euro transfers","7.blog\u002Fsepa-instant-payments-now-available-at","2026-03-16T14:24:26Z","kmvBKR_CrbfKieE44sCofpki6huENpWaTHEEW5hG11E",{"id":96,"title":97,"body":22,"description":98,"extension":45,"hovered":46,"image":99,"labels":48,"meta":100,"navigation":51,"path":102,"published":103,"seo":104,"stem":110,"updated":111,"__hash__":112},"posts\u002F7.blog\u002Fnexdesk-has-obtained-mica-licence.json","Nexdesk has obtained MiCA licence","Nexdesk SIA has officially obtained its licence under the Markets in Crypto-Assets (MiCA) Regulation from the Bank of Latvia. This achievement marks a major milestone not only for Nexdesk, but also for Nexpay clients who benefit from operating within a fully regulated and harmonised EU environment.","\u002Fassets\u002Fimages\u002Fblog\u002FNexdesk_MiCA_licence_announcement.jpeg",{"content":101},"\u003Cdiv >\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexdesc micka\" border=\"0\" data-original-height=\"1600\" data-original-width=\"1600\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexdesk_MiCA_licence_announcement.jpeg\" title=\"Nexdesc micka\">\u003C\u002Fdiv>\u003C\u002Fdiv>\u003Cdiv >\u003Cb>\u003Cbr>\u003C\u002Fb>\u003C\u002Fdiv>\u003Cdiv >\u003C\u002Fdiv>\u003Cdiv >\u003Cb>\u003Cbr>\u003C\u002Fb>\u003C\u002Fdiv>\u003Cdiv >\u003Cb>Nexdesk SIA has officially obtained its licence under the Markets in Crypto-Assets (MiCA) Regulation from the Bank of Latvia. This achievement marks a major milestone not only for Nexdesk, but also for Nexpay clients who benefit from operating within a fully regulated and harmonised EU environment.\u003C\u002Fb>\u003C\u002Fdiv>\u003Cdiv >\u003Cbr>\u003C\u002Fdiv>\u003Cdiv >On December 10, 2025, the Supervision Committee of Latvijas Banka issued a licence to Nexdesk SIA for the provision of crypto-asset services.\u003C\u002Fdiv>\u003Cdiv >With MiCA now in force across the EU, crypto-asset service providers must meet strict requirements covering governance, transparency, capital adequacy, consumer protection, and operational resilience. Nexdesk’s authorisation confirms that it meets these high standards.\u003C\u002Fdiv>\u003Cdiv >\u003Cdiv>Nexdesk is entitled to provide custody and administration of crypto-assets on behalf of customers, execute orders and provide transferring services for crypto-assets on behalf of customers.\u003C\u002Fdiv>\u003Cdiv>\u003Cbr>\u003C\u002Fdiv>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexdesk Mica Sofian\" border=\"0\" data-original-height=\"1338\" data-original-width=\"2048\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002Fnexdesk.jpeg\" title=\"Nexdesk Mica Sofian\">\u003C\u002Fdiv>\u003Cbr>\u003Cdiv>\u003Cb>Sofian Berrahal, Board Member at SIA Nexdesk:\u003C\u002Fb>\u003C\u002Fdiv>\u003C\u002Fdiv>\u003Cdiv>\u003Cdiv >“We are honoured to be among the first two companies in Latvia to receive a MiCA license and are grateful to the Bank of Latvia for their support throughout this process. Their thoughtful guidance helped us achieve this milestone efficiently.\u003C\u002Fdiv>\u003Cdiv >For our current and potential clients, the MiCA license means stronger security, standardized compliance, and greater confidence when managing traditional and digital assets.\u003C\u002Fdiv>\u003Cdiv >Looking not-even-so-far ahead, it’s clear that the corporate finance will inevitably integrate crypto assets into treasury management, payments, and cross-border operations, driven by efficiency gains and evolving digital asset infrastructure.\u003C\u002Fdiv>\u003Cdiv >MiCA regulation is a strong signal that digital assets are evolving into a fully regulated and strategically important component of finance.\u003C\u002Fdiv>\u003Cdiv >As this shift accelerates, we are committed to providing deep liquidity, highly competitive pricing, and safe environment that supports businesses in moving assets smoothly between crypto and fiat.\u003C\u002Fdiv>\u003Ch1 >What Is MiCA?\u003C\u002Fh1>\u003Cdiv>\u003Cdiv>\u003Cdiv >For years, the crypto sector operated under fragmented national regimes, but with the introduction of the Markets in Crypto-Assets Regulation the first comprehensive crypto regulatory framework at EU level has come into effect. It establishes clear rules for crypto-asset service providers (CASPs) operating across all EU member states by introducing:\u003C\u002Fdiv>\u003Cul >\u003Cli >A unified licensing regime\u003C\u002Fli>\u003Cli >Clear consumer protection standards\u003C\u002Fli>\u003Cli >Prudential and capital requirements\u003C\u002Fli>\u003Cli >Strict governance and risk management rules\u003C\u002Fli>\u003Cli >Harmonised supervisory oversight\u003C\u002Fli>\u003C\u002Ful>\u003Cdiv >Nexdesk’s MiCA licence directly strengthens the service offering available to Nexpay users and partners.\u003C\u002Fdiv>\u003C\u002Fdiv>\u003Cdiv>\u003Ch2 >EU-Wide Passporting\u003C\u002Fh2>\u003Cdiv >Under MiCA, Nexdesk can provide regulated services across all EU member states without needing separate licences in each jurisdiction. This enables seamless cross-border operations and scalability within the European market.\u003C\u002Fdiv>\u003Ch2 >Stronger Client Asset Protection\u003C\u002Fh2>\u003Cdiv >MiCA imposes strict rules on safeguarding client funds and crypto-assets. Nexdesk must maintain clear segregation of assets and robust custody controls — enhancing protection and operational security.\u003C\u002Fdiv>\u003Ch2 >Increased Transparency\u003C\u002Fh2>\u003Cdiv >Clients benefit from enhanced disclosure requirements, clearer communication of risks, and structured reporting obligations. Fees, risks, and service terms must meet harmonised EU standards.\u003C\u002Fdiv>\u003Ch2 >Institutional-Grade Governance\u003C\u002Fh2>\u003Cdiv >MiCA requires comprehensive risk management frameworks, internal controls, and fit-and-proper management standards. This supports a stable, professionally managed operating environment.\u003C\u002Fdiv>\u003Ch2 >Improved Banking & Payment Integration\u003C\u002Fh2>\u003Cdiv >Operating under an EU licence strengthens relationships with financial institutions and payment providers, helping to streamline fiat on\u002Foff-ramps and payment flows within the Nexpay ecosystem.\u003C\u002Fdiv>\u003C\u002Fdiv>\u003Cdiv>\u003Ch2 >Market Integrity & Fair Conduct\u003C\u002Fh2>\u003Cdiv >MiCA introduces safeguards against market abuse, conflicts of interest, and unfair practices — reinforcing trust in pricing, execution, and operational fairness.\u003C\u002Fdiv>\u003Ch2 >Regulatory Credibility\u003C\u002Fh2>\u003Cdiv >Being authorised under a rigorous EU framework enhances trust among partners, institutions, and corporate clients seeking compliant crypto infrastructure solutions.\u003C\u002Fdiv>\u003Ch1 >Future-Proof Compliance\u003C\u002Fh1>\u003Cdiv >As regulatory scrutiny increases globally, MiCA positions Nexdesk – and by extension also Nexpay clients – ahead of evolving compliance expectations.\u003C\u002Fdiv>\u003C\u002Fdiv>\u003Cdiv>\u003Cdiv >As the digital asset sector continues to mature, regulation is becoming a foundation for sustainable growth. With its MiCA licence secured, Nexdesk reinforces its role as a trusted infrastructure partner within the European fintech landscape.\u003C\u002Fdiv>\u003C\u002Fdiv>\u003C\u002Fdiv>\u003C\u002Fdiv>","\u002Fblog\u002Fnexdesk-has-obtained-mica-licence","2026-02-26T12:06:00Z",{"keywords":105,"title":97,"description":98},[106,107,108,109],"Nexdesk","MiCA licence","MiCA","crypto-asset service provider","7.blog\u002Fnexdesk-has-obtained-mica-licence","2026-03-02T15:39:57Z","PECEIEYAZL0w1ffpQRWtyvwHqVd9xwzFA7kF1glT8kk",{"id":114,"title":115,"body":22,"description":116,"extension":45,"hovered":46,"image":117,"labels":48,"meta":118,"navigation":51,"path":120,"published":121,"seo":122,"stem":126,"updated":127,"__hash__":128},"posts\u002F7.blog\u002Fstrategic-partnership.json","Strategic partnership","We are pleased to inform that Nexpay and its group has entered into a strategic partnership with NBX, a Euronext listed and Oslo based holder of a Norwegian EMI license.","\u002Fassets\u002Fimages\u002Fblog\u002F1745511272312.jpg",{"content":119},"\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay and NBX logos: powering payments and crypto together\" border=\"0\" data-original-height=\"1070\" data-original-width=\"2048\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002F1745511272312.jpg\">\u003C\u002Fdiv>\n\n\u003Cdiv>\nWe are pleased to inform that Nexpay and its group has entered into a strategic partnership with NBX, a Euronext listed and Oslo based holder of a Norwegian EMI license. The partnership will be cemented by the initiated shares swap between the groups and will allow us to strengthen common market position from both, regulatory and product perspective.\n\u003Cbr>\u003Cbr>\nHere is what both CEOs said on the partnership:\n\u003Cbr>\u003Cbr>\n\u003Ci>“An example of a low hanging fruit in the partnership with Nexpay, are combining their fiat payment rails with our stablecoin offering and wallet service. That will allow us to offer global payments with settlement in Euro accounts within minutes. The product palette between the companies truly bridges the gap between traditional finance and digital finance. Removing much of the friction seen in global cross border payments and finance today”.\u003C\u002Fi> Says Stig Aleksander Kjos-Mathisen, CEO of NBX\n\u003Cbr>\u003Cbr>\n\u003Ci>\"Capturing new modern markets demands an all-in product line that ranges from TradiFi to sophisticated digital assets products. Through the blend of NBX's advancement on the digital assets and Nexpay's transactional banking services, the strategic partnership brings us much closer to that. Going forward, the combination of several licenses across various European jurisdictions significantly strengthens our regulatory position, ensuring safe and sound services for customers. While we are very excited to work with the NBX team on releasing that product mix in coming months, a popular proverb comes to mind ,\"If you want to go fast, go alone. If you want to go far, go together\"\u003C\u002Fi> - Added CEO of Nexpay, Sofian Berrahal.\n\u003Cbr>\u003Cbr>\nFull press release is available via EURONEXT news portal: https:\u002F\u002Fnewsweb.oslobors.no\u002Fmessage\u002F644025\n\u003C\u002Fdiv>","\u002Fblog\u002Fstrategic-partnership","2025-05-23T07:50:00Z",{"keywords":123,"title":115,"description":116},[124,125],"strategic partnership","Nexpay partnership","7.blog\u002Fstrategic-partnership","2025-05-23T09:52:05Z","BksPJXfA8CzvQcI_BhwTZCXUlll97is9nMx-siMY-KY",{"id":130,"title":131,"body":22,"description":132,"extension":45,"hovered":46,"image":133,"labels":48,"meta":134,"navigation":51,"path":136,"published":137,"seo":138,"stem":144,"updated":145,"__hash__":146},"posts\u002F7.blog\u002Fhow-to-use-multisig-feature.json","How to use multisig feature","We have launched a multisig feature as a part of the already existing multi-user functionality. It works as an additional layer of security for transaction processing as it requires multiple users' approvals.","\u002Fassets\u002Fimages\u002Fblog\u002FHow_to_use_multisig_feature.jpg",{"content":135},"\u003Cimg alt=\"Illustration of a browser window with two keys and a login form\" border=\"0\" data-original-height=\"502\" data-original-width=\"840\" height=\"382\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FHow_to_use_multisig_feature.jpg\" width=\"640\">\u003Ch4 >How to configure the multisig?\u003C\u002Fh4>\u003Cdiv>\u003Cp >To use this multisig you need to:\u003C\u002Fp>\u003Cul >\u003Cli>Log in to your Nexpay account, and go to the settings\u003C\u002Fli>\u003Cli>Open the “Multi-signature” page in the settings\u003C\u002Fli>\u003Cli>Enable the multisig\u003C\u002Fli>\u003C\u002Ful>\u003Cp >Please note that to use this functionality, you must have at least one user with approved full access!\u003C\u002Fp>\u003C\u002Fdiv>\u003Cdiv>\u003Cul >\u003Cli>Choose whether you want to take the role of payments co-signer or not\u003C\u002Fli>\u003Cli>Then choose the users that will have the payment co-signer right\u003C\u002Fli>\u003Cli>Finally, indicate how many signatures would be required to approve the payment\u003C\u002Fli>\u003C\u002Ful>\u003Cimg alt=\"Nexpay platform settings page with the multi-signature tab, showing the co-signers list\" border=\"0\" data-original-height=\"1183\" data-original-width=\"2554\" height=\"296\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002Fimage-20240709-114240.png\" width=\"640\">\u003Cp data-renderer-start-pos=\"722\" >\u003C\u002Fp>\u003Ch4 >How to make the payment?\u003C\u002Fh4>\u003Cul >\u003Cli>Go to the payments page\u003C\u002Fli>\u003Cli>Fill in the payment form as usual\u003C\u002Fli>\u003Cli>Confirm the payment\u003C\u002Fli>\u003C\u002Ful>\u003Cp data-renderer-start-pos=\"896\" >\u003C\u002Fp>\u003Cp >As a general note, if the multisig is enabled, none of the payments will be processed automatically. All payment orders will have a pending status and be displayed on the payments history page under the \u003Cb>“Prepared”\u003C\u002Fb> list waiting for other users to sign\u002Freject them.\u003C\u002Fp>\u003Cul >\u003Cli>After the payment order is created all co-signers will receive an email notification\u003C\u002Fli>\u003Cli>After receiving the email they should open the payments history page and open the “Prepared” list\u003C\u002Fli>\u003Cli>Next to each payment, they will see how many users have already signed and rejected, and how many signatures are required in general\u003C\u002Fli>\u003Cli>Finally, the user needs to sign or reject the payment(-s) - this can be done one by one or in bulk.\u003C\u002Fli>\u003C\u002Ful>\u003Cp >Please remember that if you have marked yourself as a co-signer, the moment you make a payment, you will automatically sign it. Other users will have to sign it manually.\u003C\u002Fp>\u003Cp >And vice versa. When another user creates a payment, he\u002Fshe will sign it automatically at the moment of creation. Other users, including you, will have to sign it manually.\u003C\u002Fp>\u003C\u002Fdiv>\u003Cbr>\u003Cbr>","\u002Fblog\u002Fhow-to-use-multisig-feature","2024-07-09T11:58:00Z",{"keywords":139,"title":131,"description":132},[140,141,142,143],"multisig","multi-signature payments","payment approval","platform guide","7.blog\u002Fhow-to-use-multisig-feature","2024-08-20T15:02:28Z","3gaYrrUW0Nnrek-a_tJaxXa-P7mzJ46Lj6l-Z2bo1Wg",{"id":148,"title":149,"body":22,"description":150,"extension":45,"hovered":46,"image":151,"labels":48,"meta":152,"navigation":51,"path":154,"published":155,"seo":156,"stem":161,"updated":162,"__hash__":163},"posts\u002F7.blog\u002Fhow-to-make-power-of-attorney-template.json","How to make a power of attorney (template included)"," In order to gain access to your accounts at Nexpay and perform certain actions, we will request a power of attorney (POA) for the company representatives, to make sure that they are legally authorized.POA is a document that certifies that a certain company representative, or other company has the legal authority to represent the company.","\u002Fassets\u002Fimages\u002Fblog\u002FTrue-Impact-Webinar-1600x900.jpeg",{"content":153},"\n\n\u003Cimg alt=\"People at a table reviewing printed charts and reports\" border=\"0\" data-original-height=\"900\" data-original-width=\"1600\" height=\"360\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FTrue-Impact-Webinar-1600x900.jpeg\" width=\"640\">\u003Cp>In order to gain access to your accounts at Nexpay and perform certain actions, we will request a power of attorney (POA) for the company representatives, to make sure that they are legally authorized.\u003C\u002Fp>\u003Cp>POA is a document that certifies that a certain company representative, or other company has the legal authority to represent the company.\u003C\u002Fp>\u003Cp>POA needs to include:\u003C\u002Fp>\u003Cul>\u003Cli>The information about the company that is granting the POA:\u003Cul>\u003Cli>Company name\u003C\u002Fli>\u003Cli>Company legal type\u003C\u002Fli>\u003Cli>Jurisdiction where the company is registered\u003C\u002Fli>\u003Cli>Company registration number\u003C\u002Fli>\u003Cli>The legal address where the company is registered\u003C\u002Fli>\u003Cli>Name of the registry where data about the company is recorded\u003C\u002Fli>\u003Cli>Name and Last name of the company representative who is authorized to sign the POA\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003Cli>The information about the company to whom the POA is granted:\u003Cul>\u003Cli>Company name\u003C\u002Fli>\u003Cli>Company legal type\u003C\u002Fli>\u003Cli>jurisdiction where the company is registered\u003C\u002Fli>\u003Cli>Company registration number\u003C\u002Fli>\u003Cli>The legal address where the company is registered\u003C\u002Fli>\u003Cli>Name of the registry where data about the company is recorded\u003C\u002Fli>\u003Cli>Name and Last name of the company representative who is authorized to sign the POA\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003Cli>OR The information about the physical person to whom the POA is granted:\u003Cul>\u003Cli>Name & Last name\u003C\u002Fli>\u003Cli>Nationality (as in Passport or ID)\u003C\u002Fli>\u003Cli>Personal number (as in Passport or ID)\u003C\u002Fli>\u003Cli>Declared residence address\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>Example \u003Ca href=\"https:\u002F\u002Fdrive.google.com\u002Fdrive\u002Ffolders\u002F1L6cp5IMZjBPnKZEx1vUmbDGidfVnUZT5?usp=sharing\" target=\"_blank\">template of the power of attorney\u003C\u002Fa>. Feel free to copy the document and fill it with your information.\u003C\u002Fp>\u003Cp>During the remote onboarding with Nexpay certain documents, including POA must be certified by a notary\u002Fapostille or legalized\u002Fattested by the Ministry of Foreign Affairs. This requirement comes from “Law on the prevention of money laundering and terrorist financing”. The purpose of this requirement is to guarantee the authenticity and content of the documents provided.\u003C\u002Fp>\u003Cp>Countries from which Nexpay accepts documents with apostille certification:\u003C\u002Fp>\u003Ch6>Citizens or residents of these countries are able to open accounts with Nexpay:\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>Countries\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>A\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Albania, Andorra, Antigua and Barbuda, Argentina, Armenia, Australia, Austria, Azerbaijan\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>B\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Bahamas, Bahrain, Barbados, Belarus, Belgium, Belize, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Brunei Darussalam, Bulgaria, Burundi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>C\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Cape Verde, Chile, China, People\\'s Republic of (Hong Kong & Macao Only), Colombia, Cook Islands, Costa Rica, Croatia, Cyprus, Czech Republic\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>D\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Denmark, Dominica, Dominican Republic\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>E\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Ecuador, El Salvador, \u003Cstrong>Estonia\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>F\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Fiji, Finland, France\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>G\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Georgia, Germany, Greece, Grenada, Guatemala, Guyana\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>H\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Honduras, Hungary\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>I\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Iceland, India, Ireland, Israel, Italy\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>J\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Japan, Jamaica\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>K\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Kazakhstan, Korea, Republic of, Kosovo, Kyrgyzstan\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>L\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Latvia\u003C\u002Fstrong>, Lesotho, Liberia, Liechtenstein, Lithuania, Luxembourg\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>M\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Malawi, Malta, Marshall Islands, Mauritius, Mexico, \u003Cstrong>Moldova\u003C\u002Fstrong>, Monaco, Mongolia, Montenegro, Morocco\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>N\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Namibia, Netherlands, New Zealand, Nicaragua, Niue, North Macedonia, Republic of, Norway\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>O\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Oman\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>P\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Palau, Panama, Paraguay, Peru, Philippines, Poland, Portugal\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>R\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Romania, \u003Cstrong>Russian Federation\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>S\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Serbia, Seychelles, Slovakia, Slovenia, South Africa, Spain, Suriname, Swaziland, Sweden, Switzerland\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>T\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Tajikistan, Tonga, Trinidad and Tobago, Tunisia, Turkey\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>U\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Ukraine\u003C\u002Fstrong>, United Kingdom of Great Britain and Northern Ireland, Uruguay, Uzbekistan\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>V\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Vanuatu, Venezuela\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>*Exceptions are made to Estonia, Latvia, Russia, Moldova, Ukraine. For companies incorporated in these countries, notary certification is enough. Lithuanian companies can provide an ESI key which would not be older than 3 months.\u003C\u002Fp>\u003Cp>For any country that is not mentioned in the above list, the document certification must be done by the Ministry of Foreign Affairs of the said country.\u003C\u002Fp>\u003Cp>Some companies that can assist with remote document legalization:\u003C\u002Fp>\n\u003Col>\n\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.hagueapostille.co.uk\">Apostille of the Hague\u003C\u002Fa> \u003C\u002Fli>\n\u003Cli>\u003Ca en=\"\" href=\"http:\u002F\u002Fwww.kalashnikov.ee\">Kalashnikov Õigusbüroo\u003C\u002Fa> \u003C\u002Fli>\n\u003Cli>\u003Ca href=\"https:\u002F\u002Fschmidt-export.com\">Schmidt & Schmidt OHG\u003C\u002Fa>\u003C\u002Fli>\n\u003C\u002Fol>","\u002Fblog\u002Fhow-to-make-power-of-attorney-template","2023-08-08T14:08:00Z",{"keywords":157,"title":149,"description":150},[158,159,160],"power of attorney template","how to make a power of attorney","business account authorisation","7.blog\u002Fhow-to-make-power-of-attorney-template","2024-08-23T08:12:48Z","oBkIytyrz3ZzuZRh8vqaG8YRTz8HTSCDV6Gx_fboj18",{"id":165,"title":166,"body":22,"description":167,"extension":45,"hovered":46,"image":168,"labels":48,"meta":169,"navigation":51,"path":171,"published":172,"seo":173,"stem":178,"updated":179,"__hash__":180},"posts\u002F7.blog\u002Fhow-to-use-multi-login-feature.json","How to use the multi-login feature"," We have launched a new feature for our clients! Multi-login allows clients to share access to their business account with their business associates. It allows users to securely share access to the sensitive financial data with team members, and they will be able to login using their own credentials.","\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_guide_-__how_to_choose_business_bank_account.jpeg",{"content":170},"\n\n\u003Cimg alt=\"Person taking notes in a notebook next to a laptop\" border=\"0\" data-original-height=\"1000\" data-original-width=\"1500\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_guide_-__how_to_choose_business_bank_account.jpeg\" width=\"640\">\u003Cp>We have launched a new feature for our clients! Multi-login allows clients to share access to their business account with their business associates. It allows users to securely share access to the sensitive financial data with team members, and they will be able to login using their own credentials. For example, it might be useful to add an accountant who needs to get statements from the account or make payments. It\\'s possible to grant access in a read-only or full access mode, and users can be added from the settings page of the account owner.\u003C\u002Fp>\u003Cp>To give access, follow the steps below. \u003Cstrong>This will only work from the account of the current account owner!\u003C\u002Fstrong>\u003C\u002Fp>\u003Cul>\u003Cli>Log in to your Nexpay account, and go to the \u003Ca href=\"https:\u002F\u002Fpaynexpay.com\u002Fsettings\">settings page of your Nexpay account\u003C\u002Fa>.\u003C\u002Fli>\u003Cli>Navigate to the \u003Ca href=\"https:\u002F\u002Fpaynexpay.com\u002Fsettings\u002Fusers\">“Users” section\u003C\u002Fa> of the settings page.\u003C\u002Fli>\u003Cli>Fill out the information about the user that you want to add:\u003Cul>\u003Cli>Name and Last name\u003C\u002Fli>\u003Cli>E-mail\u003C\u002Fli>\u003Cli>Phone number\u003C\u002Fli>\u003Cli>Position in the company\u003C\u002Fli>\u003Cli>Choose what kind of access do you wish to enable to the new user:\u003Cul>\u003Cli>“Read-only” - the user will only be able to view transactions and export payment documents and overviews.\u003C\u002Fli>\u003Cli>“Full access” - the user will be able to view everything and make payments. This includes the Nexdesk platform, if it has been connected.\u003C\u002Fli>\u003Cli>“Disabled” - choose this, if you change your mind, and want to completely remove the user\\'s access to the account.\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003Cli>Click “Save”, and the request will be submitted to us.\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>After the submission, our team will review the request and reach out to you, if they need any additional documents to enable the access:\u003C\u002Fp>\u003Cul>\u003Cli>For read-only cases nothing else will be needed. After enabling the access to the new user, they will receive the email and only need to create a separate password for them and login to the account.\u003C\u002Fli>\u003Cli>For a full account access there is an additional procedure. The account owner will need to specify via our support whether the user is already an authorized representative and, if not, send power of attorney for them. The new user would need to do a video identification. Only then the application will be evaluated and, if everything is in order, approved.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>If you have any questions or suggestions about this feature or our services in general, please reach out to us at \u003Ca href=\"mailto:support@paynexpay.com\">support@paynexpay.com\u003C\u002Fa>.\u003C\u002Fp>","\u002Fblog\u002Fhow-to-use-multi-login-feature","2023-08-01T14:01:00Z",{"keywords":174,"title":166,"description":167},[175,176,177,143],"multi-login","multilogin feature","multiple users business account","7.blog\u002Fhow-to-use-multi-login-feature","2024-08-20T14:17:15Z","kL8HF706DMn-YiUT3nC_mZvMVjxA91zmiYSDwVlvFCM",{"id":182,"title":183,"body":22,"description":184,"extension":45,"hovered":46,"image":185,"labels":48,"meta":186,"navigation":51,"path":188,"published":189,"seo":190,"stem":196,"updated":197,"__hash__":198},"posts\u002F7.blog\u002Flist-of-accepted-jurisdictions-for.json","List of accepted jurisdictions for corporate clients","Nexpay only provides its services in limited jurisdictions around the world. This article contains a list of jurisdictions from which individual clients are eligible to open an account.\n","\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_accepted_corporate_jurisdictions_map-35-86-574-291-1653489151.jpeg",{"content":187},"\u003Cimg alt=\"World map\" border=\"0\" data-original-height=\"291\" data-original-width=\"574\" height=\"324\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_accepted_corporate_jurisdictions_map-35-86-574-291-1653489151.jpeg\" width=\"640\">\u003Cp>Nexpay only provides its services in the countries listed below. If your company is incorporated in any of these countries, you are eligible to open an account.\u003C\u002Fp>\u003Cp>The fact that a country is mentioned on this list doesn't guarantee account opening. This is only one of the criteria which we assess when evaluating potential clients. Please note that this list is only indicative, and we reserve the right to update it without notice at any time. \u003C\u002Fp>\u003Cp>Please also take into account that we are not able to work with \u003Ca href=\"\u002Fblog\u002Flist-of-prohibited-and-high-risk\">companies from certain industries\u003C\u002Fa>.\u003C\u002Fp>\u003Ch6>Legal entities incorporated in these jurisdictions are able to open an account with Nexpay:\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>Europe\u003C\u002Fth>\u003Cth>Asia & Pacific\u003C\u002Fth>\u003Cth>South America\u003C\u002Fth>\u003Cth>North America\u003C\u002Fth>\u003Cth>Africa\u003C\u002Fth>\u003Cth>Middle east\u003C\u002Fth>\u003Cth>Arab states\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>A\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Andorra, Austria\u003C\u002Ftd>\u003Ctd>Australia\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>B\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Belgium, Bulgaria\u003C\u002Ftd>\u003Ctd>Bhutan\u003C\u002Ftd>\u003Ctd>Bermuda, Brazil\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>C\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Croatia, Cyprus, Czech Republic\u003C\u002Ftd>\u003Ctd>China, Cook Islands\u003C\u002Ftd>\u003Ctd>Chile, Curacao\u003C\u002Ftd>\u003Ctd>Canada\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>D\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Denmark\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>E\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Estonia\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>F\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Finland, France\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>G\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Georgia, Germany, Greece, Guernsey\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Grenada\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>H\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Hungary\u003C\u002Ftd>\u003Ctd>Hong Kong Sar\u003C\u002Ftd>\u003Ctd>Honduras\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>I\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Iceland, Ireland, Isle of Man, Israel, Italy\u003C\u002Ftd>\u003Ctd>India\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>J\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Jersey\u003C\u002Ftd>\u003Ctd>Japan\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>K\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Kazakhstan\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Kuwait\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>L\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Latvia, Liechtenstein, Lithuania, Luxembourg\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>M\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Madeira, Malta, Moldova, Monaco, Montenegro\u003C\u002Ftd>\u003Ctd>Macao Sar, Malaysia\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Madagascar\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>N\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Netherlands, North Macedonia, Norway\u003C\u002Ftd>\u003Ctd>Nepal, New Zealand\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Niger\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>P\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Poland, Portugal\u003C\u002Ftd>\u003Ctd>Papua New Guinea\u003C\u002Ftd>\u003Ctd>Peru\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>R\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Romania\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>S\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland\u003C\u002Ftd>\u003Ctd>Singapore, Solomon Islands, South Korea\u003C\u002Ftd>\u003Ctd>Sint Maarten, St. Lucia, St. Vincent and the Grenadines, Suriname\u003C\u002Ftd>\u003Ctd>Saint Pierre and Miquelon\u003C\u002Ftd>\u003Ctd>Sao Tome, South Africa, Swaziland\u003C\u002Ftd>\u003Ctd>Saudi Arabia\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>T\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Taiwan, Timor Leste, Turkmenistan, Tuvalu\u003C\u002Ftd>\u003Ctd>Turks and Caicos\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Togo\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Tunisia\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>U\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Ukraine, United Kingdom\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Uruguay\u003C\u002Ftd>\u003Ctd>United States of America\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>V\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Vatican City\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Z\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Zambia\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>","\u002Fblog\u002Flist-of-accepted-jurisdictions-for","2023-05-09T13:17:00Z",{"keywords":191,"title":183,"description":184},[192,193,194,195],"accepted jurisdictions","corporate clients","business account eligibility","supported countries","7.blog\u002Flist-of-accepted-jurisdictions-for","2025-02-12T10:45:44Z","0UJP2yrmHBH4arACIRAYMBaz1TscTf_2w8wRlCYoGRI",{"id":200,"title":201,"body":22,"description":202,"extension":45,"hovered":46,"image":203,"labels":48,"meta":204,"navigation":51,"path":206,"published":207,"seo":208,"stem":212,"updated":213,"__hash__":214},"posts\u002F7.blog\u002Fnexpay-introduces-new-platform-feature.json","Nexpay introduces new platform feature updates","We are happy to share that during the past month we have introduced several improvements to Nexpay’s usability. Check out the newest features and some of our future plans.\n","\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_platform_walkthrough_blog_-_Large.png",{"content":205},"\n\u003Cimg alt=\"Walkthrough of the Nexpay platform, with a laptop showing the accounts dashboard\" border=\"0\" data-original-height=\"1000\" data-original-width=\"1500\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_platform_walkthrough_blog_-_Large.png\" width=\"640\">\n\u003Cp>We are happy to share that during the past month we have introduced several improvements to Nexpay’s usability, such as:\u003C\u002Fp>\u003Cp>\u003Cstrong>Possibility to manage more than 1 IBAN through the platform.\u003C\u002Fstrong> Now you can manage and open up to 6 IBAN accounts by yourself, once we have set up the first one for you. \u003C\u002Fp>\u003Cimg alt=\"Nexpay accounts page showing total balance and several IBAN accounts\" border=\"0\" data-original-height=\"974\" data-original-width=\"1460\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FPossibility_to_manage_more_than_1_IBAN_through_the_platform_B.jpeg\" width=\"640\">\u003Cbr>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong>Internal transfers.\u003C\u002Fstrong> We have made it easier to transfer funds between your accounts in just a few clicks. You only need to choose the debit account, credit account, enter the amount and make the transfer.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay single payment form with saved beneficiaries to choose from\" border=\"0\" data-original-height=\"974\" data-original-width=\"1460\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FEasier_repeated_payments.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong>Redesigned payments history section.\u003C\u002Fstrong> The goal was to make it easier to oversee the past payments and navigate between different types of payments.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay payment history page with a date filter and list of completed payments\" border=\"0\" data-original-height=\"974\" data-original-width=\"1460\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FRedesigned_payments_history_section_B.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong>Easier repeated payments.\u003C\u002Fstrong> You can choose from the up to 50 distinct past beneficiaries, when making a new payment.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay single payment form with saved beneficiaries to choose from\" border=\"0\" data-original-height=\"974\" data-original-width=\"1460\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FEasier_repeated_payments.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong>Batch payments upload.\u003C\u002Fstrong> Now you can upload a .csv file with up to 50 payments, and execute them together. File needs to be formatted according to the provided template, and contain Beneficiary name, Beneficiary account number., Beneficiary address (optional), Payment details, Amount and Internal payment ID (optional). The full instructions are available in the payments section of the platform.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay batch payment page with CSV file upload area\" border=\"0\" data-original-height=\"974\" data-original-width=\"1460\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FBatch_payments_upload_B.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>In addition to the above, we are very excited to share that we are currently working on a major upgrade to Nexpay’s offer. Next to EUR IBANs and SEPA payments the upgrade will include new currencies and new payment methods.\u003C\u002Fp>\u003Cbr>","\u002Fblog\u002Fnexpay-introduces-new-platform-feature","2023-04-13T13:30:00Z",{"keywords":209,"title":201,"description":202},[210,211,36],"platform feature updates","Nexpay platform","7.blog\u002Fnexpay-introduces-new-platform-feature","2024-08-20T15:05:51Z","F5D4RPtBFfJRjloVuWEAqpWsC2ikz3drVXaOEu8MRSQ",{"id":216,"title":217,"body":22,"description":218,"extension":45,"hovered":46,"image":219,"labels":48,"meta":220,"navigation":51,"path":222,"published":223,"seo":224,"stem":229,"updated":230,"__hash__":231},"posts\u002F7.blog\u002Fwhy-is-nexpay-best-business-bank.json","Why is Nexpay the best business bank account for digital businesses?"," Best business bank account for digital businesses - Nexpay','The most popular reasons why business clients choose Nexpay as their corporate banking provider. Nexpay — banking infrastructure for digital businesses.","\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_best_business_bank_account_account_for_digital_businesses_L.jpeg",{"content":221},"\n\n\u003Cimg alt=\"Calculator on a handwritten page with "competitive pricing" circled in red\" border=\"0\" data-original-height=\"1000\" data-original-width=\"1500\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_best_business_bank_account_account_for_digital_businesses_L.jpeg\" width=\"640\">\u003Cp>Nexpay provides financial infrastructure for digital businesses. Our main service currently is corporate bank accounts - IBAN accounts for EUR SEPA payments in Europe. We also offer a convenient API connection that allows our clients to process large transaction volumes through their business accounts.  We are currently working to expand our service offering with more currencies and payment options. Nexpay was created by a team of banking and digital asset veterans with the goal to provide reliable, secure, and innovative financial services. \u003C\u002Fp>\u003Cp>You might be asking yourself - Why should I choose Nexpay business bank account from all the online banking providers?We collected feedback from our customers to find the most popular reasons why business clients choose Nexpay as their corporate banking provider.\u003C\u002Fp>\u003Ch4>Reliable financial service provider\u003C\u002Fh4>\u003Cp>Firstly, Nexpay is an established and reliable financial service provider. Since 2017 we have served more than 600 businesses and processed transactions worth more than €7 billion.\u003C\u002Fp>\u003Ch4>EMI License\u003C\u002Fh4>\u003Cp>The legal entity Nexpay UAB (registration code 304708124) is an authorized Electronic Money Institution (EMI) holding a license from the Bank of Lithuania (license No. 18). This means that Nexpay as an EMI abides by strict financial regulation, and reports to the Bank of Lithuania. All the customer funds are kept in segregated client accounts in the Bank of Lithuania, in the European Central Bank system.\u003C\u002Fp>\u003Ch4>Competitive pricing\u003C\u002Fh4>\u003Cp>Nexpay offers straightforward and competitive pricing. We pride ourselves on being a market leader in cost-effectiveness, and our prices constantly are some of the lowest in the industry.  \u003C\u002Fp>\u003Ch4>Understanding of digital businesses\u003C\u002Fh4>\u003Cp>Nexpay understands digital businesses. We have roots in the digital assets business, and our team has experience working in and servicing this industry. In fact, we have spent significant time working with companies from innovative industries. We understand the different business models of digital businesses and are better positioned to serve their needs than traditional banks. They often are hesitant to serve these businesses, because of their lack of understanding, and overestimated risk levels of these industries.\u003C\u002Fp>\u003Ch4>Quick to adapt\u003C\u002Fh4>\u003Cp>As of the beginning of 2023, we are an agile company of 50+ people. We are able to move fast to improve customer experience with new features and services, where we identify a need for them. \u003C\u002Fp>\u003Ch4>High security\u003C\u002Fh4>\u003Cp>The Nexpay services are also known for their high level of IT security. We abide by all the best practices, as well as follow trends and try to put in place all the latest security systems, to be able to make our system as safe as possible. Even if extra security measures might make certain actions longer on our website, the safety of our customers\\' funds is our priority. \u003C\u002Fp>\u003Ch4>Customer-focused\u003C\u002Fh4>\u003Cp>We are business customer-focused, and our team of experienced account managers and onboarding specialists are here to help you set up a business account as fast as possible. Since we have to abide by strict KYC and AML processes, setting up corporate banking might take a bit longer than some other providers claim. We suggest being responsive and collaborative to our information requests to speed up the process. We also provide priority onboarding service to speed up the business account opening in urgent cases.\u003C\u002Fp>\u003Cp>Even though the onboarding process might feel a bit tedious, please bear in mind that it needs to be thorough. Especially at the beginning, we want to spend time understanding our clients\\' business in depth, so afterwards we have to disturb the business operations as little as possible. Ultimately this process is there to ensure that we don\\'t serve any companies with illegitimate funds. The process is the same for every company, so you can be sure that Nexpay will only provide corporate banking to legitimate companies.\u003C\u002Fp>\u003Cp>The blog article “How to choose a business bank account for your digital business?” gives more insight in the process of choosing a business banking provider.\u003C\u002Fp>","\u002Fblog\u002Fwhy-is-nexpay-best-business-bank","2023-01-11T14:53:00Z",{"keywords":225,"title":217,"description":218},[226,227,228],"business bank account for digital businesses","best business account","Nexpay business account","7.blog\u002Fwhy-is-nexpay-best-business-bank","2024-08-20T14:19:34Z","uED28W_isb1SfMgeAwD94Ds7i5glaL_cGQemROBhjVM",{"id":233,"title":234,"body":22,"description":235,"extension":45,"hovered":46,"image":236,"labels":48,"meta":237,"navigation":51,"path":239,"published":240,"seo":241,"stem":246,"updated":247,"__hash__":248},"posts\u002F7.blog\u002Fhow-to-choose-business-bank-account-for.json","How to choose a business bank account for your digital business?","If you are looking to open a business account online, we have prepared a checklist of the things worth looking for in a corporate bank account to make it easier for you to compare several banking providers, and choose the best business account for you.\n","\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_checklist_business_account_L.jpeg",{"content":238},"\n\u003Cimg alt=\"Hands holding a tablet showing a bar chart, next to a clipboard and keyboard\" border=\"0\" data-original-height=\"600\" data-original-width=\"900\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_checklist_business_account_L.jpeg\" width=\"640\">\u003Cp>Finding a business account that is right for your business often isn\\'t a short or easy process. You might need a lot of research to find the company that will be the perfect fit for your business and understands its needs.\u003C\u002Fp>\u003Cp>There might be different needs for each business, depending on the industry business operates in, as well as the maturity of the business. To register a new company you need a bank account, so, it\\'s important to find out beforehand if they offer this service. Not all banking providers welcome digital businesses like digital assets, gaming, and forex. With traditional industries, it\\'s easier, but still, it\\'s worthwhile to do research to find out how easy it will be to work with the provider.\u003C\u002Fp>\u003Cp>If you are looking to open a business account online We have prepared a checklist of the things worth looking for in a corporate bank account to make it easier for you to compare several banking providers, and choose the best business account for you.\u003C\u002Fp>\u003Ch5>Regulated corporate banking\u003C\u002Fh5>\u003Cp>It\\'s important to check if the financial services provider has a license, to ensure the safety of your funds and quality service. The absence of information about how the company is regulated should serve as a red flag, and you should do extra research for the respective provider. For most companies, you can find the information about the license on their homepage. Additionally, you can search on the appropriate countries\\' regulators\\' websites. For the EU you can look up the approved institutions in these resources:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.eba.europa.eu\u002Frisk-analysis-and-data\u002Fregister-payment-electronic-money-institutions-under-psd2\" target=\"_blank\" rel=\"noopener\">Register of payment and electronic money institutions\u003C\u002Fa>\u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fwww.eba.europa.eu\u002Frisk-analysis-and-data\u002Fregister-payment-electronic-money-institutions-under-psd2\" target=\"_blank\" rel=\"noopener\">Credit institutions register\u003C\u002Fa>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>For example, Nexpay is an authorized Electronic Money Institution (EMI) holding a license from the Bank of Lithuania (\u003Ca href=\"https:\u002F\u002Fwww.lb.lt\u002Fen\u002Flicences-1\u002Fview_license?id=427\" target=\"_blank\" rel=\"noopener\">license No. 18\u003C\u002Fa>).\u003C\u002Fp>\u003Ch5>Pricing of a business account\u003C\u002Fh5>\u003Cp>It\\'s important that the pricing is transparent, understandable, and of course competitive. Be sure to read through the pricing information, and understand all the terms, even for the positions you think you won’t need. \u003C\u002Fp>\u003Cp>\u003Ca href=\"\u002Ffee\">Nexpay pricing\u003C\u002Fa> is straightforward, and we have some of the most competitive fees in the industry. \u003C\u002Fp>\u003Ch5>Track record of the financial provider\u003C\u002Fh5>\u003Cp>How many clients the banking provider has, and how many transactions it has processed? Any information you can find on the company\\'s homepage or independent third party might help to evaluate how established the company is, and how many customers have trusted it so far. \u003C\u002Fp>\u003Ch5>Reviews of business bank\u003C\u002Fh5>\u003Cp>It\\'s important to check any reviews about the business bank to check if they are a reliable operation and if their service is at a high level. Usually, you can read the reviews on companies homepage and on reviews aggregators, such as  \u003Ca href=\"https:\u002F\u002Fwww.trustpilot.com\u002F\" target=\"_blank\" rel=\"noopener\">Trustpilot\u003C\u002Fa>.\u003C\u002Fp>\u003Ch5>Supported industries\u003C\u002Fh5>\u003Cp>Does the financial services provider support opening a business bank account for the industry your business operates in? If it\\'s a traditional industry, you shouldn\\'t have many problems, but, if you operate in a new industry such as digital assets or gaming, there might be many providers which won’t open an account for you. \u003C\u002Fp>\u003Cp>For example, Nexpay has clearly indicated in the \u003Ca href=\"\u002Fblog\u002Flist-of-prohibited-and-high-risk\">list of prohibited and high-risk industries\u003C\u002Fa> the industries with which we can’t work, and which, as a financial institution we need to label as “High risk”. Those industries can still be accepted, depending on their evaluation according to other factors.\u003C\u002Fp>\u003Ch5>Supported jurisdictions\u003C\u002Fh5>\u003Cp>Does the financial services provider open accounts from the country your business is registered? Certain countries are not supported by all providers, so you should check beforehand to save time. \u003C\u002Fp>\u003Cp>For example, Nexpay provides a \u003Ca href=\"\u002Fblog\u002Flist-of-accepted-jurisdictions-for\">list of accepted jurisdictions for corporate clients\u003C\u002Fa>, showing which countries\\' jurisdictions we are able to support. \u003C\u002Fp>\u003Ch5>The onboarding process for corporate banking\u003C\u002Fh5>\u003Cp>What does the corporate bank account opening process look like? Does it take place online, or is it necessary to have offline meetings for signing and submitting documents?\u003C\u002Fp>\u003Cp>Nexpay offers the possibility for clients to open a business bank account online - fully remotely on \u003Ca href=\"https:\u002F\u002Fpaynexpay.com\u002F\">paynexpay.com\u003C\u002Fa>, supported by our world-class KYC and AML procedures.\u003C\u002Fp>\u003Cp>At Nexpay we try to understand and inform the customer as fast as possible if we will be able to work with them. Even though the onboarding process can take a while sometimes, it\\'s because our goal is to fully understand the customer\\'s business already at the onboarding stage. After the initial approval, when we understand the business and know that we can trust the customers\\' operations, we try to disturb the customers\\' business operations as little as possible.\u003C\u002Fp>\u003Ch5>Features of the business bank account\u003C\u002Fh5>\u003Cp>Does it offer fast and convenient payments with the countries to which you need to pay most often? Is it possible to connect it via an API to your system? \u003C\u002Fp>\u003Cp>Are there any additional services that might be relevant for your company? For example, an OTC desk is available in the Nexpay ecosystem with the possibility to convert cryptocurrencies to fiat and vice versa.\u003C\u002Fp>\u003Ch5>Service ease of use\u003C\u002Fh5>\u003Cp>What are the features of the platform? How easy is it to receive money, make multiple payments at the same time or see past payments and get account statements?\u003C\u002Fp>\u003Ch5>Customer support\u003C\u002Fh5>\u003Cp>What kind of customer support channels does the financial services provider offer? Do they allow you to reach the company quickly and resolve any issues? The most popular options are email, live chat, internal ticketing systems, and account managers. Does the support react and deliver solutions quickly? This also can be checked on review platforms or by talking to existing customers, if you know any.\u003C\u002Fp>","\u002Fblog\u002Fhow-to-choose-business-bank-account-for","2023-01-11T14:40:00Z",{"keywords":242,"title":234,"description":235},[243,244,245],"how to choose a business bank account","business account for digital business","business banking guide","7.blog\u002Fhow-to-choose-business-bank-account-for","2024-08-20T14:20:07Z","-G-vFgtnrTHXdcxMQe2bFq0xSZ3eOgAPqAJcyf_xf8o",{"id":250,"title":251,"body":22,"description":252,"extension":45,"hovered":46,"image":151,"labels":48,"meta":253,"navigation":51,"path":255,"published":256,"seo":257,"stem":262,"updated":263,"__hash__":264},"posts\u002F7.blog\u002Fhow-to-open-bank-account-for-crypto.json","How to open a bank account for a crypto business","If you’re a cryptocurrency or blockchain business, it should come as no surprise that setting up the backbone for your business (legal entity, banking, payments solutions, licenses etc ) is not quite as straightforward as let’s say an ecommerce business. In this post, We’ll break down why this is the case, and what are the options to get a bank account…",{"content":254},"\n\u003Cimg alt=\"People at a table reviewing printed charts and reports\" border=\"0\" data-original-height=\"900\" data-original-width=\"1600\" height=\"360\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FTrue-Impact-Webinar-1600x900.jpeg\" width=\"640\">\u003Cp>If you’re a cryptocurrency or blockchain business, it should come as no surprise that setting up the backbone for your business (legal entity, banking, payments solutions, licenses, etc ) is not quite as straightforward as let’s say an e-commerce business. In this post, We’ll break down why this is the case, what are the options to get a bank account if you’re a crypto business, and how with Nexpay, we’re providing crucial infrastructure and support for this quickly developing industry, whose true value and potential only few understand today.\u003C\u002Fp>\u003Cp>There are only a handful (even though rapidly expanding) jurisdictions in the world that regulate crypto businesses and provide a legal framework to operate such a business within a clear scope. For example, countries like Estonia and Lithuania have already come out with quite clear regulations that help crypto businesses easily set up their operations in those jurisdictions. With the AML 5 directive being adopted by more and more countries in Europe, other jurisdictions like the UK, Liechtenstein, Switzerland, Gibraltar, and a few others have also introduced various types of crypto licenses.\u003C\u002Fp>\u003Cp>\u003Cem>One of the key challenges that we see companies that operate in the crypto space face is getting and maintaining a bank account so they can pay their employees, and suppliers and serve customers.\u003C\u002Fem>\u003C\u002Fp>\u003Ch2>Traditional banking institutions are slow to adapt to new regulations\u003C\u002Fh2>\u003Cp>Most of the traditional banks shy away as soon as they see the word “bitcoin” and diligently inform you that they’re not able to open an account for you due to internal policies. Or in a worst-case scenario, they do open a bank account and then after some time, you’re suddenly informed that your account has been frozen and you have 14 days to withdraw money from your account. At the same time, it’s not perhaps that surprising, that considering the amount of negative media around cryptos and blockchain and how money launderers can potentially use it for their operations, that the risks involved with serving crypto businesses are not worth risking the substantial existing business for traditional banks. The introduction of legal frameworks around operating crypto and virtual asset businesses is of course helping financial institutions to adapt to this world of new finance. But considering that even in places like Estonia where a lot of crypto businesses are choosing to set up their operations, there’s only one bank (LHV) that’s somewhat crypto-friendly, which shows how slow change is to happen. Despite the fact that regulation across Europe is starting to catch up and provide clear guidelines in terms of KYC\u002FAML and regulatory framework, large financial institutions are extremely slow to catch up to this world of new finance.\u003C\u002Fp>\u003Cp>This, however, has created an opportunity for innovative upstarts like Nexpay, to step in and help out those businesses in need with their banking requirements, so they can go about their business. While following all AML\u002FKYC and government regulations, we’re able to serve crypto businesses better than traditional banks.\u003C\u002Fp>\u003Ch2>First-hand experience with cryptocurrencies is extremely important for providing financial services to the industry\u003C\u002Fh2>\u003Cp>Here at Nexpay, our founding team had first-hand experience with building a crypto business and understands what operating in that space means. This helps us to truly understand our customers and their businesses. With Nexpay, we’ve acquired an e-money license with the Central bank of Lithuania. One of the main benefits of a Lithuanian license is that the client funds are held directly by the central bank of Lithuania. Having first-hand past experience with running a crypto business, puts us in a unique position, where we can provide a highly secure environment for our clients to store their funds and transact with their clients and partners.\u003C\u002Fp>\u003Cp>\u003Cem>By today, over 300 businesses have opened an IBAN account with Nexpay and we wanted to share some learnings on what a crypto business should expect and plan for when thinking of opening a bank account.\u003C\u002Fem>\u003C\u002Fp>\u003Cp>The hardest part about opening a bank account for a crypto business is making sure that all the documents and compliance procedures are in order when opening an account. Due to the fact that the cryptocurrency industry still faces higher levels of scrutiny from regulators, most of the traditional banking institutions simply refuse to open accounts for any business that’s associated with crypto. Interestingly enough, we see that a lot of our crypto clients already have systems and processes in place to make sure that they’re doing KYC and AML to the highest standards, however, for some reason, most of the traditional banks either don’t get it, or have just been slow to adapt, although the trend is going in a positive direction it seems.\u003C\u002Fp>\u003Cp>At Nexpay we’ve taken the opposite approach and we have invested the time and money to be comfortable working with companies that would normally be labeled “high risk”. When starting to onboard a company, we make sure to collect the necessary documentation and information about the business so we can be confident that when we open an account, it stays open. The critical aspect here is full disclosure of the current or intended business model and expected flow of funds. Having run a crypto business ourselves, we are able to understand the client\\'s business well and make sure that our interests are aligned. Of course, there are no guarantees for sustained collaboration as ongoing client monitoring helps us ensure that suspicious behavior is appropriately addressed.\u003C\u002Fp>\u003Ch2>Understanding how to navigate the high-risk segment\u003C\u002Fh2>\u003Cp>On a high level, we, as your future banking partner need to know and understand your business model and how the business operates, who are the people behind the business, how were the funds to open and run the business acquired, who are your counterparties and how do you ensure that your compliance and security processes are up to regulatory requirements and our standards. Providing this information helps to open an account fast as well as to ensure smooth account operation after opening. As your banking partner, we also want to see that the regulatory requirements are not only adhered to on paper but have also been implemented in practice throughout the organization.\u003C\u002Fp>\u003Cp>If you’re thinking of starting a crypto business or are already running one and are looking to open a bank account, Here’s what we typically see as being key showstoppers when starting to open an account: \u003C\u002Fp>\u003Col>\u003Cbr>\u003Cli>\u003Cbr>\u003Cp>\u003Cstrong>Where your company is registered and whether your business requires a crypto license.\u003C\u002Fstrong>\u003Cbr>For example, most financial institutions won’t onboard an offshore company, even if it\\'s licensed. So when setting up your crypto business, it’s worthwhile to consider the jurisdiction and how that will also impact the service providers you will need for operating the business. In our experience, onboarding companies that are registered in the EU, especially Estonia is the easiest because the AML rules are clear and a lot of the necessary information like Articles of Association, certificates, and license information is publicly available. The Crypto exchange business is regulated to some extent in most of the EU countries due to AML 5th directive, which means that eventually it will be regulated in all countries. When setting up, make sure you are informed about the regime in your jurisdiction as no one will open an account for a regulated business without a license.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cbr>\u003Cp>\u003Cstrong>Translation and notarization of documents\u003C\u002Fstrong>\u003Cbr>As with any financial institution, we need to collect documents about the business and its shareholders. What oftentimes gets overlooked is that those documents need to be presented in a way that’s acceptable to the jurisdiction of the financial institution. This means that for example in the case of Nexpay, which is regulated by the Central Bank of Lithuania, many of the documents need to be translated into English and notarized as well as apostilled in order to provide sufficient proof of the validity of the documents.\u003C\u002Fp>\u003Cbr>\u003C\u002Fli>\u003Cbr>\u003Cli>\u003Cbr>\u003Cp>\u003Cstrong>Making it complex to understand your business structure\u003C\u002Fstrong>\u003Cbr>We get that sometimes corporate structures are not simple and there are many layers. The best way to ensure a smooth onboarding experience is to help the onboarding team understand how your business operates. Where does the money come from, where does it get sent, where is it further transferred etc. As a financial institution, it’s our responsibility to understand your business both in order to be able to provide a great product and service as well as from a regulatory standpoint. Usually, when account opening is delayed, it’s because it’s hard for us to understand your underlying business. As a side note, in the case of a multilayer corporate structure, the supporting documentation for the group companies needs to be oftentimes notarized\u002Fapostilled\u002Flegalized in order for them to be valid.\u003C\u002Fp>\u003Cbr>\u003C\u002Fli>\u003Cbr>\u003Cli>\u003Cbr>\u003Cp>\u003Cstrong>Enhanced Due diligence\u003C\u002Fstrong>\u003Cbr>As crypto\u002Fvirtual currencies are considered a higher risk, this means that due to AML laws banks have to do Enhanced Due Diligence (EDD). The main requirement is to understand the source of funds and source of wealth for the company and its Ultimate Beneficial Owners (UBOs). All of the documents related to the source of funds for the company or its UBO’s\u002FUBO need to be collected and reviewed. This is a legal requirement by AML law among all European countries. Part of the EDD process is actually checking also your company’s processes when it comes to how your company collects and manages client data. It’s important to see that the company has processes in place to identify risks around potential money laundering and terrorist financing and that those processes have been put well in place in line with the AML directives.\u003C\u002Fp>\u003Cbr>\u003C\u002Fli>\u003Cbr>\u003Cli>\u003Cbr>\u003Cp>\u003Cstrong>Having insufficient level of compliance\u003C\u002Fstrong>\u003Cbr>Most crypto businesses are providing a service that is similar to financial services and has inherent AML and fraud risks. We require our clients to have a certain level of compliance. We will not be able to serve you if you don\\'t have a comprehensive AML policy and respective procedures, a professional compliance officer, and software for ID verification, transaction monitoring, and blockchain monitoring. Preparing to get a license will get you a long way to get that level, but our experience shows that often there are gaps even after the license has been acquired. It’s not just important that these processes have been put in place on paper but also applied in practice and can be supported by documentation.\u003C\u002Fp>\u003Cbr>\u003C\u002Fli>\u003Cbr>\u003Cli>\u003Cbr>\u003Cp>\u003Cstrong>Being vague in responses to compliance forms and questions\u003C\u002Fstrong>\u003Cbr>The more details you share about your business and operations, the easier and faster it is to open an account. Sometimes we see clients being vague in their descriptions for account opening purposes, the flow of funds etc. This will only mean that we have to go back-n-forth more until we have a good understanding of what’s going on.\u003C\u002Fp>\u003Cbr>\u003C\u002Fli>\u003Cbr>\u003C\u002Fol>\u003Ch2>Who can set up a crypto friendly IBAN account with Nexpay?\u003C\u002Fh2>\u003Cp>While we’d love to be able to serve everyone and their banking needs, it doesn’t necessarily mean that we can open an IBAN account for anyone that would like one. For example, if you’re starting a crypto exchange and your jurisdiction requires a license to operate that exchange, we won’t be able to open an account for you unless you have a license. We can of course open an account with certain limits to do things like paying in share capital, however, if you’d like to start accepting customers’ money, we’d need to see the license information.\u003C\u002Fp>\u003Ch2>\u003Cbr>Final thoughts\u003C\u002Fh2>\u003Cp>Opening a bank account that’s fully compliant for a high-risk industry company is definitely not a 5-minute task, despite what some companies might claim, however it doesn’t also have to be too long of a process. Usually, we see that it’s quite realistic to have an account opened in a few days provided that you’re able to submit all the documents. Normally it takes a little longer though as some documents need to be notarized\u002Fapostilled or translated before they can be submitted. Our team is of course happy to help answer any questions along the way and it’s important that there’s open communication between us and our clients. At the end of the day, we’re aiming to be your business partner for many years to come, so starting off on a strong foundation is key.\u003C\u002Fp>\u003Ch2>\u003Cbr>What does the account opening process look like?\u003C\u002Fh2>\u003Cp>If you and your business are ready to get started with setting up an IBAN account, then getting started is quite easy and our team is happy to help you along the way.\\nThe first thing to do is to start the signup process on \u003Ca href=\"https:\u002F\u002Fpaynexpay.com\u002F\">paynexpay.com\u003C\u002Fa> and fill out the information about the business (name, website, jurisdiction etc) as well as the information about the legal representative of the business (normally that’s the director of the company). Then you should do ID verification where a selfie is taken as well as the pictures of a valid government ID (such as a passport or ID card). Once these steps are done, our onboarding team reviews the submitted information and lets you know directly what documents and information are required in order to finalize the account opening. Usually gathering the necessary documents and information is where the bulk of the time is spent. We recommend \u003Ca href=\"mailto:support@paynexpay.com\">asking us\u003C\u002Fa> in case there’s anything that’s confusing and our onboarding team will be happy to explain things in more detail. \u003C\u002Fp>\u003Cp>We hope that’s helpful and will make your journey of opening and operating an account for your business a little bit easier.\u003C\u002Fp>\u003Cbr>\u003Cbr>","\u002Fblog\u002Fhow-to-open-bank-account-for-crypto","2022-12-21T13:04:00Z",{"keywords":258,"title":251,"description":252},[259,260,261],"bank account for crypto business","crypto business banking","how to open a business account","7.blog\u002Fhow-to-open-bank-account-for-crypto","2024-08-20T14:21:51Z","PIsP-yygF6Um6ENUjTa4dK2EPoQq-k8e96e8A9QxI2w",{"id":266,"title":267,"body":22,"description":268,"extension":45,"hovered":46,"image":269,"labels":48,"meta":270,"navigation":51,"path":272,"published":273,"seo":274,"stem":279,"updated":280,"__hash__":281},"posts\u002F7.blog\u002Finformation-checklist-for-business.json","Information checklist for Business account signup","Summary of the important information needed to open a business account. Nexpay — banking infrastructure for digital businesses.','Business account; Nexpay; Information checklist.\n","\u002Fassets\u002Fimages\u002Fblog\u002FPower_of_attorney_big.jpeg",{"content":271},"\n\u003Cimg alt=\"Hand signing a document with a fountain pen\" border=\"0\" data-original-height=\"1000\" data-original-width=\"1500\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FPower_of_attorney_big.jpeg\" width=\"640\">\u003Cp>There is some important information, which you need to submit, to open a business account with Nexpay. We will do our best to understand your business and needs, yet, the more detailed and diligent you will be, the easier it will be to go through the process. We prefer to ask for information upfront to allow you to run your operations without interruptions.\u003C\u002Fp>\u003Cp>To speed up the process and to allow you to gather all information before starting the signup, we have summarized the needed information for you.\u003C\u002Fp>\u003Cp>You will need to submit the following information:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cstrong> General information\u003C\u002Fstrong>\u003Cul>\u003Cli>Legal name\u003C\u002Fli>\u003Cli>Trading name \u003C\u002Fli>\u003Cli>Legal form\u003C\u002Fli>\u003Cli>Registration number\u003C\u002Fli>\u003Cli>LEI code (if available)\u003C\u002Fli>\u003Cli>Date of incorporation\u003C\u002Fli>\u003Cli>Registered address\u003C\u002Fli>\u003Cli>Business activity address\u003C\u002Fli>\u003Cli>Other information about company (contact information, etc)\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003Cli>\u003Cstrong>Representative legal status\u003C\u002Fstrong>\u003C\u002Fli>\u003Cli>\u003Cstrong>Structure\u003C\u002Fstrong>\u003Cul>\u003Cli>Information about directors\u002Fexecutives - name, ID number, address, contact details\u003C\u002Fli>\u003Cli>Ownership structure\u003C\u002Fli>\u003Cli>Information about shareholders\u003C\u002Fli>\u003Cli>Information about UBOs (Ultimate Beneficial Owners) - name, ID number, address, contact details\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003Cli>\u003Cstrong>Business profile\u003C\u002Fstrong>\u003Cul>\u003Cli>Activities\u002Findustries the company participates in\u003C\u002Fli>\u003Cli>Description of product\u002Fservices\u003C\u002Fli>\u003Cli>\u003Ca href=\"https:\u002F\u002Fec.europa.eu\u002Fcompetition\u002Fmergers\u002Fcases\u002Findex\u002Fnace_all.html\" target=\"_blank\" rel=\"noopener\">NACE business code\u003C\u002Fa>\u003C\u002Fli>\u003Cli>Need of license, subject to local AML\u002FTCF requirements\u003C\u002Fli>\u003Cli>Associated business geographies\u003C\u002Fli>\u003Cli>Source of funds\u003C\u002Fli>\u003Cli>Last year\\'s revenue (EUR)\u003C\u002Fli>\u003Cli>Current\u002Fnext year\\'s revenue (EUR)\u003C\u002Fli>\u003Cli>Value of assets (EUR)\u003C\u002Fli>\u003Cli>% of total\u002Fgross revenue from non core business activities (interest, dividends, royalties, etc)\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003Cli>\u003Cstrong>Account usage\u003C\u002Fstrong>\u003Cul>\u003Cli>Main motivation for opening an account\u003C\u002Fli>\u003Cli>Does the company have an account in another financial institution?\u003C\u002Fli>\u003Cli>Types of needed payment services\u003C\u002Fli>\u003Cli>For incoming\u002Foutgoing payments\u003Cul>\u003Cli>Details about expected payments (locations, reasons of payments)\u003C\u002Fli>\u003Cli>Countries from which will receive or make payments \u003C\u002Fli>\u003Cli>Average number of transactions\u003C\u002Fli>\u003Cli>Average value per transaction\u003C\u002Fli>\u003Cli>Total expected value of transactions\u003C\u002Fli>\u003Cli>Main partners and countries\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003Cli>\u003Cstrong>Exchange\u003C\u002Fstrong>\u003Cul>\u003Cli>Is access to Globitex crypto exchange needed?\u003C\u002Fli>\u003Cli>Main motivation of wanting to open a trading account\u003C\u002Fli>\u003Cli>Currencies to fund the account\u003C\u002Fli>\u003Cli>Withdrawing the cryptocurrencies outside Globitex\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003Cli>\u003Cstrong>Legal confirmations\u003C\u002Fstrong>\u003Cul>\u003Cli>PEP\u002FRCA (Politically Exposed Person\u002FRelative or Close Associate) for any of the entity related subjects\u003C\u002Fli>\u003Cli>USA residents for any of the entity related subjects\u003C\u002Fli>\u003Cli>Agreement to Nexpay group terms & conditions, etc\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fli>\u003C\u002Ful>","\u002Fblog\u002Finformation-checklist-for-business","2022-12-20T14:26:00Z",{"keywords":275,"title":267,"description":268},[276,277,278],"business account signup checklist","business account opening documents","onboarding checklist","7.blog\u002Finformation-checklist-for-business","2024-08-20T14:22:16Z","cvvggWxrgXMITcL25_rCOWfKmJrxzgbInVLkpZFRgms",{"id":283,"title":284,"body":22,"description":285,"extension":45,"hovered":46,"image":286,"labels":48,"meta":287,"navigation":51,"path":289,"published":290,"seo":291,"stem":295,"updated":296,"__hash__":297},"posts\u002F7.blog\u002Flist-of-prohibited-and-high-risk.json","List of prohibited and high-risk industries","There are some industries with which Nexpay is not able to do business. In the prohibited industry list we have included industries with which we can\\'t work. In the high-risk industry list, we have included industries we would classify as high risk but might open an account if they fit the other criteria.\n","\u002Fassets\u002Fimages\u002Fblog\u002FSwift_global_business_transactions_L.jpeg",{"content":288},"\u003Cimg alt=\"Printed bar chart of retail sales with percentage change, next to pencils\" border=\"0\" data-original-height=\"600\" data-original-width=\"900\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FSwift_global_business_transactions_L.jpeg\" width=\"640\">\u003Cp>There are some industries with which Nexpay is not able to do business. It\\'s either due to European Union or international financial regulation, or we have chosen not to do business with this industry. In the prohibited industry list we have included industries with which we can\\'t work. In the high-risk industry list, we have included industries we would classify as high risk but might open an account if they fit the other criteria.\u003C\u002Fp>\u003Cp>Please note that this list is only indicative, and we reserve the right to update it at any time without notice.The fact that an industry isn\\'t mentioned on this list, doesn\\'t guarantee account opening. This is only one of the criteria which we need to assess when we are evaluating potential clients. \u003C\u002Fp>\u003Cp>Please also take into account that we can only work with companies from \u003Ca href=\"\u002Fblog\u002Flist-of-accepted-jurisdictions-for\">certain countries\u003C\u002Fa>.\u003C\u002Fp>\u003Ch6>The companies who do business in these industries, or undertake any of these activities won\\'t be able to open an account with Nexpay:\u003C\u002Fh6>\u003Cul>\u003Cli>Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and agreements, including without limitation host country requirements related to environmental, health and safety and labor aspects\u003C\u002Fli>\u003Cli>Production or trade in weapons and munitions, including explosives and nuclear weapons\u003C\u002Fli>\u003Cli>Trade in oil (petroleum)\u003C\u002Fli>\u003Cli>Production or trade in alcoholic beverages (including beer and wine)\u003C\u002Fli>\u003Cli>Production or trade in tobacco\u003C\u002Fli>\u003Cli>Trade-in wildlife or wildlife products regulated under \u003Ca href=\"https:\u002F\u002Fcites.org\u002Feng\" target=\"_blank\" rel=\"noopener\">CITES\u003C\u002Fa>\u003C\u002Fli>\u003Cli>Production or trade in radioactive materials\u003C\u002Fli>\u003Cli>Commercial logging operations; production or trade in wood or other forestry products from unmanaged forests\u003C\u002Fli>\u003Cli>Production or trade in pharmaceuticals\u003C\u002Fli>\u003Cli>Drift net fishing in the marine environment\u003C\u002Fli>\u003Cli>Production, trade, storage, or transport of hazardous chemicals, or commercial scale usage of hazardous chemicals\u003C\u002Fli>\u003Cli>Quarries, mining, or processing of metal ores or coal\u003C\u002Fli>\u003Cli>Giving or receiving gifts that could be interpreted as intending to influence business decisions\u003C\u002Fli>\u003Cli>Abusing confidential or material, non-public information\u003C\u002Fli>\u003Cli>Trading of Animal Fur, Bones, Ivory and other protected species\u003C\u002Fli>\u003Cli>Cultural objects like sculptures, statues, antiques, collector items, archaeological pieces or trade in other pieces having historical, cultural and religious significance or of rare scientific value\u003C\u002Fli>\u003Cli>Any business relating to pornography or prostitution, including child pornography\u003C\u002Fli>\u003Cli>Drugs, as well as chemicals used to manufacture synthetic drug or drugs\u003C\u002Fli>\u003Cli>Circumvention devices\u003C\u002Fli>\u003Cli>Human Body Parts and Pathogens\u003C\u002Fli>\u003Cli>Unlicensed offline businesses: Gambling \u002F Betting \u002F Casino \u002F Horse Racing \u002F Bingo \u002F Sports Betting \u002F etc.\u003C\u002Fli>\u003Cli>Unlicensed online businesses: Casino \u002F Online Poker \u002F Online Gambling \u002F Online Betting \u002F Prize Draws \u002F Gift Cards \u002F Any form of Lottery \u002F Scratch cards \u002F etc.\u003C\u002Fli>\u003Cli>Donations \u002F Charities \u002F Societies \u002F Non-profit organizations\u003C\u002Fli>\u003Cli>Auctions organization and performance\u003C\u002Fli>\u003Cli>Religious organizations\u003C\u002Fli>\u003Cli>Multi-Level Marketing (MLM) structures\u003C\u002Fli>\u003Cli>Financial pyramid or Ponzi scheme, matrix programs, other schemes\u003C\u002Fli>\u003Cli>Debt restructuring, debt factoring, credit repair, debt settlement, debt collection\u003C\u002Fli>\u003Cli>Unlicensed Forex\u002FBinary Options\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>The companies who operate in the industries or activities listed below will be rated as high risk, but might be allowed to open an account, depending on their evaluation according to other factors:\u003C\u002Fh6>\u003Cul>\u003Cli>Banking (including private banking), investment, securities trading, insurance, currency exchange, money lending (including alternative lending options) and other financial activities \u002F financial institutions\u003C\u002Fli>\u003Cli>Regulated forex trading\u003C\u002Fli>\u003Cli>Securities Token Offerings\u003C\u002Fli>\u003Cli>ICOs\u003C\u002Fli>\u003Cli>Cryptocurrency related activities (crypto ATM services, cryptocurrency exchange services, cryptocurrency custody services, cryptocurrency trading, crypto-mixers etc.)\u003C\u002Fli>\u003Cli>Dealing in commodities or futures, or in shares, securities or other financial instruments\u003C\u002Fli>\u003Cli>Licensed (online or offline) gambling \u002F betting \u002F casino \u002F horse racing \u002F bingo \u002F sports betting \u002F etc. businesses\u003C\u002Fli>\u003Cli>Tickets and events\u003C\u002Fli>\u003Cli>Tourism and travel related activities (for example, travel packages, tours)\u003C\u002Fli>\u003Cli>Dating sites\u003C\u002Fli>\u003Cli>Online games (for example, downloading games, direct sales of goods)\u003C\u002Fli>\u003Cli>Legal and consulting services\u003C\u002Fli>\u003Cli>Tax consulting services\u003C\u002Fli>\u003Cli>Accounting and audit services\u003C\u002Fli>\u003Cli>Professional service providers (e.g., attorneys, accountants, doctors, or real estate brokers)\u003C\u002Fli>\u003Cli>Transport Services\u003C\u002Fli>\u003Cli>Trade, maintenance and repair of vehicles: cars, motorbikes, planes, jets, boats, etc.\u003C\u002Fli>\u003Cli>Real estate business\u003C\u002Fli>\u003Cli>Metal industry\u003C\u002Fli>\u003Cli>Trade with jewels, gems, precious metal dealers\u003C\u002Fli>\u003Cli>Waste management\u003C\u002Fli>\u003Cli>Mining (gas extraction included)\u003C\u002Fli>\u003Cli>Healthcare\u003C\u002Fli>\u003Cli>Luxury goods\u003C\u002Fli>\u003Cli>Art dealing and other art related business\u003C\u002Fli>\u003Cli>Marketing services\u003C\u002Fli>\u003Cli>IT services\u003C\u002Fli>\u003C\u002Ful>\u003Cbr>\u003Cbr>","\u002Fblog\u002Flist-of-prohibited-and-high-risk","2022-12-20T14:21:00Z",{"keywords":292,"title":284,"description":285},[293,294,194],"prohibited industries","high-risk industries","7.blog\u002Flist-of-prohibited-and-high-risk","2024-08-20T14:22:37Z","tp4V9hu6MkLqHQAsmLO6KG9s2kY-HdFm4lGOTM5l_k0",{"id":299,"title":300,"body":22,"description":301,"extension":45,"hovered":46,"image":302,"labels":48,"meta":303,"navigation":51,"path":305,"published":306,"seo":307,"stem":312,"updated":313,"__hash__":314},"posts\u002F7.blog\u002Fnexpay-ceo-on-cryptocurrency-industry.json","Nexpay CEO on cryptocurrency industry in 2021'","Nexpay’s CEO, Uldis Teraudkalns, is emerging as a leading voice in the digital assets industry when it comes to regulation, ecosystem development, startup culture, and generally having a good read of the crypto pulse.","\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_CEO_Uldis_Teraudkalns_2021_(1).jpeg",{"content":304},"\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay CEO Uldis Teraudkalns\" border=\"0\" data-original-height=\"667\" data-original-width=\"1000\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_CEO_Uldis_Teraudkalns_2021_(1).jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>Nexpay’s CEO, Uldis Teraudkalns, is emerging as a leading voice in the digital assets industry when it comes to regulation, ecosystem development, startup culture, and generally having a good read of the crypto pulse. \u003C\u002Fp>\u003Cp>We have compiled some recent highlights if you want to find out more, with links to each full article and some brief descriptions.\u003C\u002Fp>\u003Cp>In August of 2021, Uldis gave an in-depth interview to Thrive Global about the cryptocurrency industry, also touching on his background and how he got started in the industry. The topics included: \u003C\u002Fp>\u003Cul>\u003Cli>Top strategies that crypto firms should consider to have a stronger competitive edge\u003C\u002Fli>\u003Cli>3 exciting and 3 worrying things about the blockchain industry\u003C\u002Fli>\u003Cli>5 things that can be done to improve and reform the cryptocurrency industry\u003C\u002Fli>\u003C\u002Ful>\u003Cp>For an insight on the current popularity of cryptocurrencies vs legacy finance, as well as “blockwash” and what future might hold for decentralized finance, read this NASDAQ article from November 2021.\u003C\u002Fp>\u003Cp>Check out this November 2021 guest blog on Finextra to learn more about what needs to be done to ensure better security in blockchain technology. \u003C\u002Fp>\u003Cp>The accessibility of cryptocurrencies, control of the industry and the compatibility of the industry with the traditional banking system was covered by a different Finextra guest blog by Uldis from the December 2021.\u003C\u002Fp>","\u002Fblog\u002Fnexpay-ceo-on-cryptocurrency-industry","2022-12-20T14:07:00Z",{"keywords":308,"title":300,"description":301},[309,310,311],"cryptocurrency industry 2021","Nexpay CEO","crypto market outlook","7.blog\u002Fnexpay-ceo-on-cryptocurrency-industry","2024-08-20T15:10:00Z","bxftIEYaR0PwAbZvyAp8NsNgvdo1hRWxcrkSnM8j9_g",{"id":316,"title":317,"body":22,"description":318,"extension":45,"hovered":46,"image":319,"labels":48,"meta":320,"navigation":51,"path":322,"published":323,"seo":324,"stem":330,"updated":331,"__hash__":332},"posts\u002F7.blog\u002Fbecoming-go-to-financial-infrastructure.json","Becoming the go-to financial infrastructure provider for European digital assets businesses","2020 was one of the strangest years of my life and I imagine the same to be true for most others. A considerable transformation in the way we spend our time both privately and for work. This transformation led to a leap in technology adoption of at least five or even ten years ahead.","\u002Fassets\u002Fimages\u002Fblog\u002Fbecoming-post-4.jpeg",{"content":321},"\u003Cimg alt=\"Illustration of a 2020 calendar with a rising trend line next to a briefcase and coins\" border=\"0\" data-original-height=\"1786\" data-original-width=\"2744\" height=\"416\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002Fbecoming-post-4.jpeg\" width=\"640\">\u003Ch2>Taking a look back at 2020: The best worst year\u003C\u002Fh2>\u003Cp>2020 was one of the strangest years of my life and I imagine the same to be true for most others. A considerable transformation in the way we spend our time both privately and for work. This transformation led to a leap in technology adoption of at least five or even ten years ahead.\u003C\u002Fp>\u003Cp>Forced to confinement in our homes we started consuming digital products and receiving digital services like never before, which resulted in value skyrocketing for companies like Netflix and Zoom, among general usage increase for digital services across the board. While this was happening online, the world economies were reeling offline and governments scrambled to issue substantial stimulus to battle the negative effects of lockdowns funded by newly printed money. This disillusioned a significant amount of global investors who were forced to revisit the store of value narrative of Bitcoin, the price of which was consistently growing throughout the year with a rapid escalation at year end to double previous all time high. As we are deeply entrenched in the industry, we saw our clients\\' businesses expand rapidly and due to the nature of our services we got very busy with managing our own business growth.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"2020 results: 1.5 billion EUR payments volume (22x growth), Globitex exchange volume up more than 3x, more than 300 businesses served, revenue up more than 10x, team doubled\" border=\"0\" data-original-height=\"1786\" data-original-width=\"2744\" height=\"416\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002Fbecoming-post-1.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>Among other milestones, we reached 1.5 billion EUR in payments volume for our Nexpay EMI business, which is 22x more volume than we had in 2019. Serving more than 300 businesses already, we have put our name on the map as a recognized industry player. This puts us in a very strong position to consolidate our business in 2021. Over the course of the year, we doubled our team and grew our revenue more than 10X, confirming that our chosen strategy of focusing on business clients and the payments business was the right decision back in summer 2019. Globitex exchange volume increased more than 3X compared to 2019, while still lagging behind Nexpay payments business. Overall the year was highly successful and extremely busy for our team and also our clients. As we continue to build towards our mission of building the banking infrastructure for the fintechs of the future, it’s great to take a step back and look at what we have achieved so far as well as touch upon what the future holds for Globitex.\u003C\u002Fp>\u003Ch2>Reflecting On Key Decisions\u003C\u002Fh2>\u003Cp>Globitex started out as a bitcoin-fiat exchange with the ambition to be the first institutional-grade regulated crypto exchange. While we were building the platform and infrastructure to match that ambition, there were substantial changes to the competitive, regulatory and industry development landscape, which posed a significant challenge to that initial vision. While regulation was lacking and the only options were to pursue traditional financial licenses, a group of incumbents in the crypto-fiat business established domination, including the likes of Coinbase, Kraken and Bitstamp. Additionally, a new type of business model emerged, the crypto-crypto exchange with hundreds of tokens and initial coin offerings, with major success stories like Binance setting the tone in trading. To set ourselves apart, we focused on determining an updated vision, however we were still convinced about the value of securing a license, which we did at the end of 2017 by establishing a subsidiary in Lithuania Nexpay UAB that received an E-money Institution license from the Bank of Lithuania. This allowed us to “become our own bank”, which is a critical asset to the sustainability of our business as the industry has struggled with banking since its onset and to large extent continues struggling. On top of that we had developed a new vision of scaling the Bitcoin economy and linking digital currencies to global trade and financial markets by building a Spot and Derivatives exchange for standardized instruments in money markets and commodities where trading would be denominated in Bitcoin.\u003C\u002Fp>\u003Cp>On the back of this vision, we managed to run a successful initial coin offering and raised funds to start executing on that vision. The ICO happened in February 2018, which was a few moments before the ICO & general crypto bubble burst launching the almost two year long crypto winter, making the following months a very stressful time for all crypto treasury managers. With crypto winter putting a big strain on the financials and the overall industry growth outlook, we were motivated to find ways to start generating revenue as fast as possible.\u003C\u002Fp>\u003Cp>The assets at our disposal were:\u003C\u002Fp>\u003Cp>1) a spot BTC\u002FEUR exchange with a handful of users from the testing phase and strong and exponentially growing number of competitors;\u003C\u002Fp>\u003Cp>2) An ambitious ICO business plan with institutional focus and substantial infrastructure investments necessary and a largely retail community;\u003C\u002Fp>\u003Cp>3) an EMI license that allowed us to issue our own IBAN accounts, custody client funds at the Bank of Lithuania and essentially be our own bank and by extension, a payments provider for other similar businesses which were in dire need of a reliable and progressive banking partner.\u003C\u002Fp>\u003Cp>We saw clearly that the third option would be the fastest way to cash flow, survival during the crypto winter and sustainable foundation to the growth of the business in the future. It was an extremely tough decision to make as we had the whole ICO community expecting us to follow the planned course of commodities exchange, however we saw clearly that sticking to that course will drive the company into a ditch within a year. Based on this conclusion, the team focused all its resources and energy to delivering a quality payments service for the crypto industry and a few months after its launch, we took a decision to focus entirely on business clients for whom the banking challenges were a lot bigger and also our product more fitting. Our value proposition to prospective clients switched from an exchange with an IBAN account attached to a payments service with a value added functionality of exchange. One of the main keys to success for startups is focus, and we proved to ourselves that this is very true by refining this strategy to achieve great growth results in 2020 and bring stability to our financials.\u003C\u002Fp>\u003Ch2>If Bitcoin Is Gold 2.0, Who Needs Gold\u003C\u002Fh2>\u003Cp>Before looking into the future, I’d like to take a moment to look at our exchange development plans with the benefit of hindsight. As mentioned before, circumstance commanded us to pivot to a more immediately lucrative business model in the payments business and keep the exchange as a spot EUR to BTC exchange primarily, however I strongly believe that if we had stayed the course of developing a spot and derivatives exchange of money market instruments and commodities in a regulated fashion, we would have run out of money before the end of 2019. The ICO was intended to fund the first phase of the roadmap, which included a spot crypto-fiat exchange, margin trading and chiefly trading of spot gold. The spot crypto exchange landscape of 2018-2019 I described in the previous paragraph, but the simple truth is this – it is close to impossible to grow a new exchange in a market that is contracting and 2018 and most of 2019 the crypto market was in a deep winter. And while there is always a demand for a fiat-crypto gateway, most of the action in those years happened in crypto-crypto exchanges, whose business model was not compatible with our licensed part of the business.\u003C\u002Fp>\u003Cp>Margin trading was also thriving only on the unregulated exchanges with opaque jurisdictions with leverage up to 99x on some of them. But I believe the biggest attractor of interest to our plans was the idea of commodities trading against Bitcoin and the initial stage of spot trading of gold. While there has constantly existed a demand for gold, especially during 2020, there is an ongoing narrative battle in the crypto industry between gold and Bitcoin. There has been a long list of projects doing gold-backed tokens, none of which have become successful. The most successful has been PAX Gold with a market cap of around 120mEUR (with a sharp rise in the beginning of 2021) and daily volume at 1-2mEUR over most of 2020. The biggest gold\u002Fcrypto exchange Vaultoro claims to have processed a mere 153mUSD+ traded in its whole lifetime, showing that there simply is not enough demand in the crypto industry for gold as Bitcoin beats gold for most investors operating in this space. There have also been multiple projects with other precious metals and other commodities, none of which have gained serious traction. This might change as the markets develop, however so far there hasn’t been enough of activity to build a sustainable business around.\u003C\u002Fp>\u003Cp>The further development stages were fundamentally dependent on a few key factors – the first stage must have gained significant commercial traction (which was not likely due to previously described reasons) to support raising further investments; there would be required a demand for regulated trading of crypto derivatives (which so far has been marginal and most demand has been on unregulated wild west kind of platforms; there would need to be demand for using Bitcoin in global trade (which so far has not materialized at all and which we don’t foresee to come into play for several more years at least). With the benefit of hindsight, we can be happy that we didn’t follow down the initial ICO path as the likelihood of Globitex not existing anymore, would be quite high.\u003C\u002Fp>\u003Cbr>\u003Cbr>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay services: cards, multicurrency accounts, OTC desk and escrow services, SEPA Instant\" border=\"0\" data-original-height=\"1786\" data-original-width=\"2744\" height=\"416\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002Fbecoming-post-2.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Ch2>Nexpay First\u003C\u002Fh2>\u003Cp>We have operated under the Globitex brand since the beginning while keeping our payments company Nexpay UAB essentially brandless by keeping it as a product under the Globitex brand – EURO Wallet, Powered by Nexpay. While Globitex exchange was our main product, this made perfect sense, however quickly after launching the EURO Wallet, it became our main business and currently represents around 80% of the Globitex group business. It has been quite challenging operating the payments business without a strong brand in terms of marketing, PR, client relationships as well as some legal aspects, which is why we have decided to give the Nexpay brand the visibility it deserves. From here on out the Globitex platform will be the Nexpay platform.\u003C\u002Fp>\u003Cp>In the immediate future, our services will not be changed or affected except for some slight improvements to the user interface. The Globitex exchange will be accessible through the Nexpay platform and will continue providing its services without interruption. The GBX token will continue providing exclusive discounts and benefits to the users who hold them. We are confident that this upgrade will help take our business to the next level.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay logo\" border=\"0\" data-original-height=\"662\" data-original-width=\"1372\" height=\"308\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002Fbecoming-post-3-n.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Ch2>Plans Ahead\u003C\u002Fh2>\u003Cp>The first milestone in 2021 is to make our product more retail-friendly and the one thing that has been missing for that is a cards program. We are aiming to bring a payment card for retail clients of Nexpay in Q2. This will significantly improve our value proposition for private individuals and will serve as a foundation for further development of our retail business. Globitex exchange users will have the opportunity to enjoy extra benefits by staking their GBX tokens to get discounted fees and up to 8% cashback on their card purchases.\u003C\u002Fp>\u003Cp>Further developments are planned on the Nexpay payments product offering, including opening multi-currency accounts with international payments as well as connecting to SEPA Instant which has recently seen rapid adoption among EU financial institutions with more than 50% already connected according to European Payments Council. There will also be significant improvements to the platform interface, making it more convenient for our business clients, as well as a more convenient channel for our business clients to transact directly on our platform.\u003C\u002Fp>\u003Cp>Development priorities for Globitex exchange business are our OTC and Escrow products offering. We have already started piloting these services, however lots of work is still required to make them into effective and convenient solutions for our clients. On the exchange orderbook, we are constantly improving liquidity depth and this will remain a key focus. We will continue evaluating adding new kinds of digital assets on the exchange as we see the demand from our clients. In terms of further developing the exchange into a regulated derivatives and commodities exchange we will continue to evaluate market conditions for when is the right time to launch such products as explained in the paragraphs above.\u003C\u002Fp>\u003Cp>Our short term aim is to become the go-to financial infrastructure provider for digital assets businesses in Europe and with the explosive growth we enjoyed in 2020, we are very well positioned to achieve that goal in 2021.\u003C\u002Fp>\u003Cbr>\u003Cbr>\u003Cbr>","\u002Fblog\u002Fbecoming-go-to-financial-infrastructure","2022-12-20T13:19:00Z",{"keywords":325,"title":317,"description":318},[326,327,328,329],"financial infrastructure","digital assets businesses","banking for crypto businesses","European digital assets","7.blog\u002Fbecoming-go-to-financial-infrastructure","2024-08-20T15:11:28Z","xdvx0Bom2vIpxrsHS1HshUdRRkhezxSSPcH8sozCw4I",{"id":334,"title":335,"body":22,"description":336,"extension":45,"hovered":46,"image":337,"labels":48,"meta":338,"navigation":51,"path":340,"published":341,"seo":342,"stem":348,"updated":349,"__hash__":350},"posts\u002F7.blog\u002F2021-building-organization-to-last.json","2021: Building an organization to last","As is tradition, albeit not a very long tradition, I am making a blog post to reflect on what the Nexpay team achieved in 2021, how the world around us made an impact on our work, and what we expect to achieve in 2022. The last year was a period of sustainable growth and maturity for our organization.\n","\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_digital_bank_2021_year_in_review.jpeg",{"content":339},"\n\u003Cimg alt=\"Nexpay year 2021 in review, over a photo of a meeting room\" border=\"0\" data-original-height=\"628\" data-original-width=\"1200\" height=\"334\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_digital_bank_2021_year_in_review.jpeg\" width=\"640\">\u003Cp>As is tradition, albeit not a very long tradition, I am making a blog post to reflect on what the Nexpay team achieved in 2021, how the world around us made an impact on our work, and what we expect to achieve in 2022. The last year was a period of sustainable growth and maturity for our organization. Even though we grew a lot and achieved many new milestones, the overall feeling is that there is still a lot to work on both in terms of improving the existing services, as well as pursuing new opportunities. In every way, last year was a clear signal that there is a significant demand for the services we provide, and that there is ample room to continue scaling and help serve the ever-growing number of existing and potential clients.\u003C\u002Fp>\u003Ch2>The digital assets industry - explosive growth and gradual maturity\u003C\u002Fh2>\u003Cp>The digital assets industry began 2021 on very strong footing thanks to the massive growth in the price of Bitcoin. This trend started already in the second half of 2020 and reached new, all-time highs, topping out just shy of $70k per BTC in August of 2021. Imagine someone besides the most devoted zealots predicting such a price shortly after the fall from the 2017 all-time-high of $20k!\u003C\u002Fp>\u003Cp>The one thing that people learn as they live through the cycles of Bitcoin is that the cycles move in magnitudes. Whatever you thought was the norm in one cycle will likely be completely shattered on the next one. And 2021 was no exception. \u003C\u002Fp>\u003Cp>In fact, 2021 was the year when Bitcoin adoption could no longer be characterized by listing significant companies or individuals who started using or were advocating the cryptocurrency. The list would be too long. But I would like to single out one story, and that is El Salvador implementing a Bitcoin standard and announcing BTC as legal tender there. \u003C\u002Fp>\u003Cp>One might say desperate times call for desperate measures. Another will say that the president of El Salvador, Nayib Bukele, is a visionary and will earn global recognition and respect for his leadership. Only time will tell how it will turn out. There are many strong powers in the world who want to see El Salvador fail. Others will point out the country’s record on governance outside of the economy. But one thing is certain. This milestone, the first time a country fully endorses Bitcoin as its national currency, redefines what we can expect to consider to be mass adoption. While no other country made the same move, several South American countries as well as some states in the US are also still strongly considering following the lead.\u003C\u002Fp>\u003Cp>Perhaps not on a national scale, but punching as strong as entire countries, the mayors of Miami and New York also heavily publicized their affinity towards Bitcoin, introducing reform to attract the digital assets industry to their cities and even making claims about receiving their own salaries in Bitcoin. Both want to become the Bitcoin capital of the world, if they are able to compete with the future Bitcoin City in El Salvador.\u003C\u002Fp>\u003Cp>Another well publicized use-case for the Bitcoin publicity push of 2021 was that some of the biggest US professional sports franchises - such as the Dallas Mavericks, the Miami Dolphins, the Oakland Athletics and others - started accepting Bitcoin for ticket purchases and merchandising. At the same time, some of the professional athletes announced that they would be accepting partnership payments in cryptocurrencies.\u003C\u002Fp>\u003Cp>These trends clearly favor the growth of Nexpay’s business, and allow a wider range of companies to benefit from the services we provide. The industry has been almost mathematically cyclical and there is no reason to believe that this trend will be broken. So hold onto your hats in 2022, as chances are that we will enter a bear market before year end.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Chart of Bitcoin price in euro from 2014 to early 2022, ending at 38,051 EUR\" border=\"0\" data-original-height=\"628\" data-original-width=\"1200\" height=\"334\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FBitcoin_BTC__price_changes_2014_2021.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>However, it is safe to say that the lows of the bear market will be above or near the previous all-time high of 2017, which seemed an unimaginably high number back then. And you should be calmed not only by the price level. Each cycle brings magnitudes more users and investors in the industry, which means that in terms of business output, I expect that the bear market will bring 1-2 years of flat growth instead of a downturn. We are all going to make it.\u003C\u002Fp>\u003Ch2>What the Nexpay team achieved in 2021\u003C\u002Fh2>\u003Cp>2021 was a year of significant growth and maturity for our business as we transitioned into the scaleup phase of our organization, reflected not only in the revenue, but also in the company’s headcount. We started the year with a team of 20 and by Christmas we had almost reached 50! This brought a multitude of new and important roles that did not exist in our company before, including several key hires in management. Our priority when it comes to hiring has been to create a sustainable business run by a driven and daring team of ten different nationalities.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"2021 in numbers: 3bn+ transacted, 3x revenue growth, team more than doubled, into the top 6 biggest EMIs in Lithuania\" border=\"0\" data-original-height=\"628\" data-original-width=\"1200\" height=\"334\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002Fimage1.png\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Cp>We grew our revenue by a factor of three compared to 2020 and managed to achieve this growth with our own cash flow. We processed around €3 billion worth of payment transactions, which is three times more than all previous years combined. These numbers allowed us to break into the list of the top-six biggest EMIs in Lithuania, where there are almost 90 such companies. This is no small feat, considering that in this list we are including global fintech giants Revolut and one of Lithuania’s earliest fintech pioneers, Paysera. We have established a solid presence in the Baltic countries, where we have our offices and have built recognition within the digital assets industry as a trusted and reliable partner for over 400 businesses all over Europe. \u003C\u002Fp>\u003Cp>Another achievement I am particularly proud of is that, together with a friend of mine, Jānis Zeps a customer acquisition and growth consultant and previously the managing director of Pins loyalty system, I started a podcast called \u003Ca href=\"https:\u002F\u002Fwww.pursuitofscrappiness.co\u002F\" target=\"_blank\" rel=\"noopener\">The Pursuit of Scrappiness\u003C\u002Fa>. The podcast began as an attempt to strengthen the ties between the Baltic startup communities and inspire the next generation of founders by exposing them to some of the most successful founders and investors in our region. The podcast has also proven invaluable to strengthen the Nexpay brand as an opinion leader in the Baltic tech industry. Less than a year since launching, I can confidently say we are the leading business and tech podcast in the region with founders of such companies as Bolt, Pipedrive, Printify, Mintos and many others as well as some of the most prominent investors in the region like Change Ventures, Inventure, United Angels VS, Practica as well as angel investor Mikko Silventola.\u003C\u002Fp>\u003Cdiv class=\"separator\" >\u003Cimg alt=\"Nexpay team from Lithuania and Latvia on a rooftop terrace\" border=\"0\" data-original-height=\"800\" data-original-width=\"1200\" height=\"426\" src=\"\u002Fassets\u002Fimages\u002Fblog\u002FNexpay_team_from_Lithuania_and_Latvia_celebrates_2021_achievements.jpeg\" width=\"640\">\u003C\u002Fdiv>\u003Cbr>\u003Cp>\u003Cbr>\u003C\u002Fp>\u003Ch2>The way forward\u003C\u002Fh2>\u003Cp>We have achieved a significant level of financial and operational scale that allows us to make more aggressive investments into product development in 2022. In order to make these investments faster and achieve more impact, we will be looking to attract substantial investments in the company equity ourselves. \u003C\u002Fp>\u003Cp>In terms of product, the priorities remain centered around increasing the range of payment types to SWIFT and SEPA instant payments. We will also continue improvement on the web interface and introducing a web-based crypto OTC brokerage solution with the help of our partner Globitex, in order to ensure significantly bigger liquidity and better user experience for our business clients. \u003C\u002Fp>\u003Cp>We are also looking to double the size of the team once again, an important challenge as the Baltic labor markets continue to overheat. One of the positive side-effects of the pandemic is that the labor market has become a lot more flexible and the geography for making hires is increasingly a marginal factor. \u003C\u002Fp>\u003Cp>Finally, digital assets is not the only industry that lacks reliable financial services, thus one of our goals in 2022 is to enter new industries that can benefit from our platform.\u003C\u002Fp>\u003Cp>To conclude, the cryptocurrency industry might need to brace for some uncertain times in the next few years. But hard times seldom last long, even in the most unpredictable of markets. With the foothold we have already achieved in the digital payments industry, we are as determined as ever to continue growing our positions both with crypto related businesses, as well as with other industries in need of a reliable digital payments partner.\u003C\u002Fp>\u003Cbr>\u003Cbr>","\u002Fblog\u002F2021-building-organization-to-last","2021-07-19T12:01:00Z",{"keywords":343,"title":335,"description":336},[344,345,346,347],"Nexpay 2021","year in review","fintech company growth","Nexpay team","7.blog\u002F2021-building-organization-to-last","2024-08-20T15:12:21Z","sQX1n5WtKoh54jzMWeOjSpWQLLc5TJze7pC_dOQbMd0",1794234306890]