Why does Payset require additional documentation for my transactions?

At times, we may ask for additional documentation when you initiate new transactions.

Here’s why.

As an Authorized EMI (Electronic Money Institution), Payset is required by our banking partners and regulators to ensure the legal and regulatory compliance of all our clients’ transactions.

Why compliance is important

Payset’s strong compliance and risk management strategies are precisely what make us a secure and reliable banking partner for your business. We work incredibly hard to ensure that the process is as quick and smooth as possible for you while maintaining the trust of our regulators and banking partners.

What to expect when sending and receiving funds

Most transactions, where we can determine the purpose (e.g., by previous information provided by you; publicly available information; your past transactions; or the reference text used on the transaction), can be processed without any supporting documentation.

However, for transactions to or from a new counterparty, we require the following supporting documentation:

• For transfers with a new counterparty, we require an itemised invoice for the transaction
• For transfers to or from an account that you hold with another financial institution, we require a recent 3-month account statement

We request that you send us the documents within 72 hours, or the transaction may be rejected, and/or future transactions could be put on hold.

Tips for avoiding transfer delays

You have two options to avoid delays when supporting documentation is required:

1. If you are expecting an incoming transfer from a new counterparty or initiating an outgoing transfer for which you know we will require supporting documentation, you can submit the relevant documents directly to our team via the Help page in your account dashboard.
2. If you attempt to initiate a transaction via the Payset platform and we require supporting documentation, you will see a notice next to the transaction: "Supporting documents required."

Click on the transaction then "Submit files" to view the requirements and upload your files.

Click here to see the step-by-step process.

Once you submit your files, please respond promptly to any requests for further information to avoid delays.