How Worldpay is approaching Brexit
With a potential Brexit looming around the corner, Worldpay has been hard at work implementing their Brexit solution during March.
This will enable us to provide business continuity and minimal service disruption for all of our customers, regardless of the outcome of the negotiations. We are closely monitoring the political situation and may defer our planned changes if there are any significant developments.
Worldpay is assuming the eventual loss of passporting rights when the UK leaves the EU, meaning our companies will not be able to provide payment services across the UK-EU border. The good news is that Worldpay is well placed to deal with a loss of passporting, as we have payment institutions in the UK and EU that have all the required regulatory licenses to serve customers in their relevant jurisdiction.
Furthermore, we will be making use of the FCA’s Temporary Permissions Regime, which will allow us to continue to provide payment services from our payment institution based in the EU to companies in the UK in the medium-term after March 2019.
For Worldpay to continue to compliantly provide payment services to all customers, some work is required on our core platforms and we will need to re-align our contractual agreements and platform set-up for some of our customers.
What have we done?
Worldpay has a dedicated programme team that have thoroughly assessed the impact of Brexit to the company and our customers and are implementing our agreed strategy. Our customers who are in UK domiciled won’t be affected by these changes, but for affected customers in the Republic of Ireland (ROI) a series of communications have been sent over the past few months advising of any change of contracts or differences to their services.
Important Information for customers domiciled in the Republic of Ireland (ROI)
We have written to all ROI customers recently regarding a requirement to capture your VAT registration number. If you haven’t shared this with us yet, please visit https://www.worldpay.com/uk/vat-numbers to access our online portal where you can enter your VAT registration number. Should you wish to provide the information via phone you can contact us on 1800 242 636
If you have any questions regarding Brexit please contact us on 03457 616263 if UK based or 1800 242 636 if you are based in the Republic of Ireland.