A Fintech’s Journey to 100% Compliance and Rapid Growth

My EU Pay, a specialist payment institution serving hundreds of business customers in the U.K. and Europe, faced challenges common to fintechs: how to significantly grow their business while keeping compliant with rapidly changing regulations and staying a step ahead of fraudsters.


There are several fintechs in the U.K. and Europe that offer payment and payment-as-a-service (PaaS) options to their clients, and many of these competitors use effective IDV processes to safely verify clients and stay compliant.


My EU Pay has charted a successful course in this competitive industry because it has always led with a customer-focused approach that adheres to all international compliance regulations. 


Read on to learn about the keys to My EU Pay’s success.

Staying Competitive as a Fintech

Founded in 2017, My EU Pay offers numerous payment methods to its clients, from SEPA to Swift Global and Swift Plus to Faster Payments. Each of these options can be customized for the needs of every client, whether they’re merchants or PaaS providers. Payment features can be seamlessly embedded using My EU Pay’s user-friendly API, and the company can easily accommodate mass payments. 

Maintaining Compliance During Political Crises 

My EU Pay has stayed compliant during a challenging political climate by screening users against global watchlists, PEP lists, and adverse media databases to uphold multiple regulatory standards. The company places restrictions on several proscribed industries, activities, and countries, and rejects payments if any payments originate from a restricted country.


The Identity Verification Challenge

Identity fraud, deepfakes, and hijacked customer accounts are a constant threat to many industries – especially fintechs. My EU Pay needs iron-clad assurances that the directors and Ultimate Beneficial Owner (UBO) behind the decision-making process are exactly who they say they are. IDV is an indispensable method for ensuring accuracy, but many current solutions impact a business’s ability to scale and acquire new customers.



For example, manual verification cannot scale to a large number of clients, and several automated electronic IDV solutions (eIDV) are cumbersome, time-consuming, and frustrating to use.  UBOs understand that IDV is just part of doing business in the modern world, but eIDV doesn’t have to be a difficult or time-consuming process. 

My EU Pay decided to deploy an eIDV solution that was frictionless to not only make their current clients happy, but also to grow its business and thrive in the fintech industry. 

An Ideal Partnership

My EU Pay relies on cutting edge technology from a number of trusted partners to make sure eIDV is fast and thorough. This was one of the main reasons that My EU Pay chose Shufti as its provider.  Shufti allowed My EU Pay to offer customers a seamless eIDV process catering to clients in a smart, practical, and quick way. 

This partnership is a major reason why My EU Pay is able to deploy a “compliance-first” approach to keep the company safe and free from bad actors.