Mazepay is pleased to confirm that they’re under the Danish Financial Supervisory Authority (DFSA) supervision.
Mazepay is a pan-European payments institute.
After a long application and enrollment process, Mazepay have been “granted a pan-European payments institute license by the DFSA, enabling it to handle transactions on behalf of companies to pay suppliers’ invoices directly.”
The granting of the license is “an essential step for [them,] which allows [them] – in more than 27 countries across Europe – to handle [their] customers’ funds, handle supplier connections, and pay invoices directly, adds further legitimacy to the platform, and demonstrates to customers, regulators and potential partners that it is operationally responsible and is compliant with financial regulations.”
The DFSA’s main supervisory functions
Authorization/approval, e.g. authorization “to carry out insurance activities, approval of the appointment of members to the board of directors and the board of management or as a key function holder, etc.”
Controls, e.g. monitoring via off-site supervision or on-site inspection of insurance undertakings’ financial and solvency situation, “changes in the ownership structure and compliance with regulations.”
Discipline, e.g. “taking preventive or corrective measures via supervisory decisions to the insurance undertakings in the form of orders, reprimands, risk information or fines.”
The DFSA license is “a key enabler for [their] invoice and supplier management procedures.” As a pan-European payments institute, they can “handle invoice transactions for suppliers not accepting card payments with the ease of an online purchase.”
Søren Aabel Hammer – CEO, Mazepay said:
“When enterprises onboard and maintain long-tail suppliers within their own complicated legacy systems, the cost and resources required to operate increase exponentially as complexity grows. This is exactly the problem that we at Mazepay are solving. The license granted by the Danish Financial Supervisory Authority adds further legitimacy to our platform and means we can begin to operate as a payments institution in Europe. Our solution matched with the license will act as a springboard as, in the future, we look to further expand globally and add a number of additional features and offerings to remove the needless complexity and cost out of corporate spending.”
At Mazepay, they “manage the supplier onboarding flow as part of the Supplier Management solution.”
This connects to their Invoice Management solution, “ensuring that all transactions are made to trusted parties.”
Their Supplier Management solution relies on the following qualifications:
Regulatory Requirements
Mazepay employees “monitor relevant regulatory requirements, including anti-money laundering legislation.”
Data sources
Mazepay “draws on industry best practice data providers for supplier master data, PEP lists and sanctions (e.g. Dow Jones, Dun & Bradstreet).”
Process tools
Mazepay uses a holistic case management tool “including risk assessments (based on, e.g. AML questionnaire, company type, location(s), PEP, sanctions) and data collection for secure handling of personal data.”
People
Mazepay has “a number of persons tasked with ensuring that all elements come together for all individual onboardings so Mazepay can safely process payment transactions to the onboarded suppliers.”
As a licensed institute, Mazepay is “committed to doing it right and ensuring that suppliers are maintained as payment-ready.”
They ensure that “each onboarded supplier lives up to the regulatory requirements when our customers select to transact with them.”
Mazepay will “make as much information and documentation available to our buyer customers for compliance and audit purposes as possible under regulatory requirements.”
