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Now Brexit has happened, we've created this resource to keep you informed about some important changes and updates to Shieldpay Accounts and our services.
We know you may have some questions, so this page will give you an understanding of:
This page will be updated regularly with the latest information and support, so please check back regularly.
Following the UK’s decision to leave the EU on 31 January 2020, the UK entered a transition period that will end at the end of this year. On the 1st of January 2021 the UK will no longer be a member of the EU and as a UK-regulated payment service provider, Shieldpay will temporarily be unable to passport and provide certain payment services to customers whose main residence is in the EU.
Shieldpay will remain regulated by the Financial Conduct Authority in the UK as a payments institution under the Payment Services Regulations 2017, however, the law as it currently stands means payment services cannot be offered or passported into the EU unless a business has established a presence and has a licence from a local regulator in the EU.
We currently do not have a licence and presence in the EU and are therefore unable to provide certain services to EU customers.
We have been working hard behind the scenes on our Brexit strategy and will be obtaining our own licence in the EU. Unfortunately, however, we won’t be ready by 1st January 2021. For our customers in the EU, your Account will be temporarily suspended, and we will inform you when we are able to offer our services through our European hub.
Placing funds and making payments from the EU
Customers based in the EU will have a temporary suspension from 1st January 2021 and will not be able to place funds into, or make payments from their Shieldpay Account to other Shieldpay customers whether they are based in the UK or the EU.
Receiving funds into the EU
EU-based customers will still be able to receive funds, but only from UK-based payer customers. Please note sending funds into the EU from the UK may be subject to higher fees because of Brexit. We will inform you if that is the case.
Accepted currencies
We will still accept funds in GBP£, EUR€ and USD from UK-based payer customers.
UK-based customers
For Shieldpay customers residing in the UK, your Account will not be affected by this change and you can continue to use our services in line with our terms and conditions.
It’s important that you take steps to review your Account and make alternative arrangements if needed.
EU - Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
EEA - includes EU countries and Iceland, Liechtenstein and Norway. It allows them to be part of the EU’s single market. Switzerland is neither an EU nor EEA member but is part of the single market - this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.
We are happy to answer any questions you have around Brexit for your Shieldpay Account and the impact on the wider industry.
