Account openning
Security of fund and data
Transaction, settlement and refund
Other questions
1. What documents are required to open YabandPay payment?

To complete the account opening, we need to go through KYC (Know Your Customer) review. We should clearly understand the basic information of your organization and business information。 The following documents are needed:

Basic organization information

  • Official organization registration documents (including organization name, registration number, registration address, registration time and business scope, etc.)
  • Organization shareholding structure document (It should display the organization’s ultimate beneficiary owner (UBO) information)
  • Identity document (passport or European citizen ID card) of the organization’s main shareholder and authorised signatory (director)

Company business information

  • Business model description and justification
  • Sales channel (e.g. online store or store photos, etc.)

Depending on the situation, additional materials may also be required, such as articles of association, company bank statements, company address proof, shareholder and authorised signatory (director) address proof, etc.

2. Why do you need to provide these materials?

YabanbPay performs KYC based on the following laws and regulations:

  • The Payment Service Directive ((EU) 2015/2366 and the rules and regulations promulgated thereunder, together with PSD2: European Payment Services Directive and Dutch Financial Regulation Act (Wet op het financieel toezicht, Wft).
  • Wft:Wet op het financieel toezicht (Wft) is the Dutch act that regulates (supervise) the Dutch financial sector, including provisions for payment service providers.
  • The Prudential Rules Act under the Wft (Besluit prudentiële regels Wft; Bpr).
  • Act on the Supervision of the Business of Financial Enterprises under the Wft (Besluit Gedragstoezicht financiële ondernemingen Wft, Bgfo).
  • Anti-money laundering and Counter-terrorism financing Act (Wet ter voorkoming van witwassen en financieren van tropicale; Wwft).
  • The Sanctions Act 1977 (Sanctiewet 1977; Sw): imposes legal requirements on financial (and other) institutions to ensure compliance with national and international rules imposing international, EU and national sanctions.
  • Publication of guidance and policy rules for the Dutch Central Bank (De Nederlandsche Bank) and other supervisory authorities on the interpretation of applicable laws and regulations.
3. How long does it take to open an account?

It generally takes 5-10 working days to open an account if all the required documents are complete. According to the specific situation of the merchant, for example, the share structure is more complex and more information may need to be supplemented, the account opening time will be appropriately extended

4. What are the key factors for account opening success?

According to our experience, companies with the following elements are more likely to successfully open an account:

  • Clear share structure.
  • Clear sales channels, such as having an online store, mini program, app or physical store.
  • The product or service being sold has a definite value.
  • No bad records in other payment institutions, for example, no account has been closed by WeChat Pay or Alipay.
1. Ultimate Beneficial Owner (UBO)

According to Wwft in the Netherlands, YabandPay must establish and verify the identity of  organization’s ultimate beneficiary Owner (UBO).

Who is UBO?

An Ultimate Beneficial Owner (UBO) is considered to be any natural person who (in)directly meet at least one of the following criteria:

  • holds an interest exceeding 25% in the capital or share capital, or
  • holds more than 25% of the voting rights, or
  • can in fact exercise control in any other way, or
  • is the beneficiary of over 25% of the organization’s assets, or
  • has special control over 25% or more of the organization’s assets

Multi-tier organizational structure organization

If the organization consists of one or more holding organizations, UBOs are all individuals who have 25% or more control of the underlying business through different organizations. For example, company B owns 60% of the shares of company A, then the shareholders who own more than 42% of company B will indirectly own 25.2% of the shares of company A, and the shareholder is a UBO.

No ultimate beneficiary owner
Organization has no UBO. For example, if a organization has five owners who divide capital and control equally, none of them own 25% or more of the organization.

Authorized Signing Representative
In addition to the ultimate beneficiary owner, YabandPay will always identify and verify the organization’s authorized signatory representative information. An authorized signing representative is a natural person authorized to sign on behalf of the organization. The information of the authorized signatory representative is generally reflected in the organization registration document. If not, your organization needs to provide official proof of the legitimacy of its signature.

2. About Politically Exposed Person

Due to risk appetite, YabandPay does not provide services to organization whose UBO contains PEP, their close associates or close family members.

Politically Exposed Person – a natural person who is or was, no more than one year ago, entrusted with prominent public functions in the Netherlands, the European Union, international or foreign state institutions as well as close family members or close associates of such person.

  • Head of State, Prime Minister, ministers, vice ministers and deputy ministers; secretary of the State; chancellor of Parliament, Government or Ministry;
  • Member of the Parliament;
  • Member of the Supreme Courts, the Constitutional Court or any other judicial authority, against whose decisions there is no judicial remedy;
  • Mayor of the municipality, municipality administration director;
  • A member of the management body of the Supreme State Audit and Control Office or the Central Bank Chairman, Deputy Chairman and members of the Management Board;
  • an Ambassador, a Charge d‘Affairs ad interim, special envoy or authorized minister or senior military officer;
  • A member of the management or supervisory body of the company managed by the state or municipality;
  • Director, deputy director or member of the management or supervisory body of the international intergovernmental organization;
  • Head, deputy head or member of the management body of political party.

Close associate:

  • a private individual, who together with a politically exposed person, is a participant of the same legal entity or other organization, or keeps other business relations;
  • a natural person who is the only owner of the legal entity set up or operating de facto with the aim of acquiring property or another personal benefit for the politically exposed person.

Close family members:

  • spouse, partner, parents, brothers, sisters, children and children’s spouses, children’s partners.
3. About US person

Due to risk appetite, YabandPay does not provide services to organization whose UBO contains US person.

*US person: The term ”United States person” means:

  • A citizen or resident of the United States
  • A domestic partnership
  • A domestic corporation
  • Any estate other than a foreign estate
  • Any trust if A court within the United States is able to exercise primary supervision over the administration of the trust, and One or more United States persons have the authority to control all substantial decisions of the trust. Any other person that is not a foreign person.
1. Are my funds safe?

Your funds are absolutely safe.

Official Authorization: YabandPay, cooperating with PSPs who hold the payment license supervised by Europe Central Bank, can do payment business across EU, and YabandPay is official partner of WeChat Pay and Alipay in EU.

Independent fund account: The transaction funds are kept in an independent bank account (safeguard account), which is supervised by the central bank and is safe and secure.

2. Is my transaction data secure?

YabandPay strictly complies with the following laws and regulations to ensure the safety of your personal data and transaction data.

  • the Algemene verordening gegevensverwerking (AVG) / the General Data Protection Regulation (GDPR); and
  • the Uitvoeringswet Algemene verordening gegevensbescherming (UAVG) / the Dutch Implementation Act of the GDPR.
1. When can I receive the settlement?

Our shortest settlement period is T+1, that is, on the second working day after payment, when the payment is over 100 EUR, the settlement can be automatically settled, and the settlement will be suspended during holiday.

The payment frequencies supported by YabandPay are daily, weekly (every Tuesday) and monthly (first working day).

2. Are there any settlement charges?

The settlement is free for over 100EUR. In the case of automatic settlement, the settlement will not be carried out if the amount is less than 100 EUR, and the settlement will be made when the accumulated amount is 100 EUR. If it is less than 100EUR, we will charge a handling fee of 5EUR.

1. My website is priced in RMB, can I use YabandPay to pay for the service?

YabandPay supports Euro (EUR), Chinese Yuan (CNY), Hong Kong Dollar (HKD), Swiss Franc (CHF), US Dollar (USD), British Pound (GBP), Danish Krone (DKK), Czech Koruna (CZK), Swedish Krona (SEK) by default ), Norwegian Krone (NOK), Polish Zloty (PLN) and Hungarian Forint (HUF), but are ultimately settled in EUR or GBP.

2. What is the difference between Alipay and WeChat Pay provided by YabandPay and domestic ones?

First of all, the targets are different. YabandPay serves companies registered in Europe, while domestic ones target companies registered in mainland of China.

Secondly, the settlement currency is different. YabandPay supports settlement in Euro and GBP, while domestic ones only support settlement in RMB.

Thirdly, the entire transaction process of Alipay and WeChat Pay provided by YabandPay complies with the regulations of the tax authorities across Europe and is regulated by the European Central Bank.

Finally, the YabandPay transaction payment number is accepted by China Customs. YabandPay’s transaction number can be used for customs declaration for the goods mailed directly to China by cross-border companies, and the VAT (value-added tax) can be refunded as well.

3. Does YabandPay support three-in-one clearance regulatory policy of China customs?

Yes, it does support.

All the orders completed by WeChat Pay or Alipay via YabandPay’s service can achieve three-in-one clearance regulatory policy of China Customs.

It can be implemented via YabandPay’s backend management or API integration.

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