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Wonderful Payments Limited has been authorised as an Authorised Payment Insitiution with support from Regulatory Consulting

28 December 2022

Wonderful Payments aims to disrupt the UK payments market by eradicating percentage and pence-per-transaction (PPT) fees associated with debit and credit card payments, Amazon Pay, Google Pay and PayPal etc.

In a radical departure from the status quo, Wonderful Payments will leverage simplicity, speed and security of Payment Initiation Services (PIS) to transfer payments directly from the customer's account to merchant's, with predictable, all-inclusive monthly subscription charges, governed by a simple fair usage policy.

Wonderful Payments appointed DWF's Regulatory Consulting to help navigate FCA regulation and guidance, to ensure they were taking a compliant yet proportionate approach when it came to meeting requirements to become an Authorised Payment Institution. Our dedicated team of experts understood the unique regulatory position for Wonderful Payments and supported them in high-level assessments and reviews which aligned directly to their key business objectives. 

Our team supported Wonderful Payments with their FCA application which was submitted mid 2021 and navigated them through the complex and evolving requirements until authorisation as a Payment Institution was received in October 2022. Regulatory Consulting can benefit and support businesses of all sizes with an 'all-you-can-eat' approach which sees significant cost savings, making an attractive package for SMEs with higher basket values or enterprise businesses facing punitive PPT fees from large volumes of transactions. 

If you are an ecommerce business and can relate to this complex regulatory position, Regulatory Consulting can support you. Please get in touch with our experts today and we can discuss your regulatory needs. 

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