FAQ

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.

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.

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.

YabandPay is a payment institution licensed by the Dutch Central Bank (De Nederlandsche Bank, DNB).

Your funds, that is, merchant funds are supervised by DNB and are absolutely safe.

Article 3:29a of the Dutch Financial Supervision Act (Wet op het financieel toezicht, Wft) combined with Article 40a of the Financial Supervision Act (Besluit prudentiële regels Wft, Bpr Wft) requires payment institutions to ensure that when they execute payment transactions Merchant funds received will not be commingled with funds from other creditors of the payment institution. This way, in the event of a payment institution’s insolvency, such covered merchant funds will be protected as they are segregated from the payment institution’s own assets.

In order to fully protect merchant funds, YabandPay established a customer fund foundation (Stichting Derdengelden YabandPay, KvK registration number 87807688) in accordance with Dutch law. The foundation will act as an independent custodian and be responsible for receiving, managing and transferring merchant funds.

The foundation was established for the sole purpose of receiving, managing, transferring and protecting merchant funds. The Foundation will not engage in any commercial activities, grant loans or assume any other financial obligations. Article 2 of the Foundation’s Bylaws sets forth these objectives and limitations.

simply put:

1. Complete isolation of funds: Merchant funds are completely isolated from YabandPay’s free funds, which are hosted in independent foundations.
2. Clear recording and display: YabandPay clearly records the balance (assets) of each customer, and these data are properly kept. You can also view it in real time on the YabandPay merchant backend.
3. Daily reconciliation: The foundation will conduct daily reconciliation to ensure that its liquid assets are not less than the total amount of merchant funds in custody at any time.
4. Protection from bankruptcy: YabandPay and the foundation belong to different entities, and merchant funds are protected from claims by YabandPay creditors. If YabandPay goes bankrupt, the Foundation will continue to receive, manage and transfer merchant funds until merchant funds are no longer disposed of.

In order to ensure that such policies are implemented, YabandPay has internally formulated a merchant fund safeguarding policy (Safeguarding Policy), established an independent supervisory board, and hired two different auditing companies to conduct independent internal and external audits.

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.

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).

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.

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.

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.

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.

Cashier account
The cashier account cannot be deleted by yourself, please log in to the YabandPay portal through the (merchant) administrator account, and then delete the cashier account.

Administrator account
To delete an administrator account, the following conditions must be met:
1. The account has no assets.
2. The account has no outstanding balance.
3. The account has no outstanding complaints.

If you need to delete the administrator account, please send the request to [email protected], we will try our best to complete the deletion within 5 working days.

About data
After the account is deleted, YabandPay will delete all the information of the account, including email address, password, strong authentication, etc. However, the historical transactions will not be deleted. The transactions include email addresses and names, and YabandPay will keep them safe for 7 years according to law.

Once the account is deleted, it cannot be retrieved. Please back up all business information under the account and proceed with caution!