UK merchants FAQ
Rapyd Europe hf. to Rapyd Payments Ltd. (previously Valitor Ltd.) migration
Transferring customers to
our UK entity
You may have seen some recent updates from us about customer accounts being migrated to our UK entity. Our intention is to make sure that your experience isn’t interrupted, and that you can continue to use Rapyd’s services as usual. We know that you might have some questions about this, so we’ve tried to answer the most common below.
Frequently Asked Questions
The reason behind this migration is the end of the Temporary Permission Regime, which was established in relation to Brexit, allowing EU/EEA licensed entities like Rapyd Europe hf. to continue to serve their UK customers for a certain time period. As this regime is coming to an end Rapyd Europe hf. will no longer be able to offer services to our UK customers and we thus have to move your services to Rapyd’s UK entity, Rapyd Payments Ltd. You do not need to take any action.
The effective date of the transfer is the date set out in our notification to you.
Our terms and conditions allow us to transfer our legal relationship from our European to our UK company. We take this responsibility very seriously, and are doing so to protect our customers and ensure continuity of service after the conclusion of the Temporary Permission Regime. If you are unhappy about being transferred for whatever reason, you can close your account by reaching out to our support team: [email protected]
You will be transferred to Rapyd Payments Ltd. which is an e-money institution licensed and regulated by the UK Financial Conduct Authority.
No, we are not expecting any disruption of the services. We will continue to offer the same services via Rapyd Payments Ltd. You do not need to take any action.
For now, the same terms and conditions apply to the services.
Your money will be safeguarded according to similar rules in the UK as apply under EU Regulations. Your money is held in a safeguarded account with a leading international bank. It’s fully secure and subject to the same protections as it was before your account was migrated.
We are transferring all UK customers from our EU entity to our UK entity. With the transfer, Rapyd Payments Ltd., company number 08053178, (FCA firm reference number 900688) officially becomes your new payment service provider and assumes the rights and obligations under your framework agreement with Rapyd Europe hf. Therefore, you are receiving settlements from your new payment service provider, Rapyd Payments.
Rapyd Payments Ltd. is regulated by the UK Financial Conduct Authority. If you wish to make a formal complaint, you can do so by following our complaints policy.