What is the difference between a bank account and payment platform?

Traditional licensed banks can be universal, offering not only current accounts, but also lending services, factoring, letters of credit, investment and even merchant/acquiring services.

Licensed payment platforms provide an alternative payment option to bank accounts that allows you to easily send and receive payments worldwide, including private and corporate purchases with a debit card and payments to manage your business effectively.

The focus of licensed payment platforms tends to be narrower than banks and usually offer only current accounts with international payment processing as well as acquiring (credit card processing) services. The number of EU and worldwide licensed payment platforms have increased exponentially in the last year, taking over a large portion of the payments services market from traditional banks, often with a more effective online management of your account with cheaper maintenance fees. Before proceeding, it is important to understand what kind of services the payment platform provider offers, including whether they offer IBAN accounts as well as multiple currencies or only in EUR.

We provide payment and credit card processing solutions for low, medium and high-risk merchants with our large portfolio of banks and payment platforms. Additionally, we have solutions for Cryptocurrency and other high risk businesses.

Interested to learn more? Contact our manager!