What is Ebury doing about Brexit?

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20 February 2019

thomasdodds

While the state of the Brexit deal is currently uncertain, here at Ebury we are prepared for every scenario to make sure that your business is unaffected.

O
ur aim is to continue to provide you with the same level of service and range of products regardless of the result. As one of the first payment institutions to receive our licence to operate across Europe from Belgium, we are confident that we have planned for every outcome.

What has Ebury done so far?

It’s important to highlight at this stage that UK based clients who are registered with Ebury Partners UK will not be affected if Brexit moves forward.

For European based clients registered with Ebury UK, we have established a European-based entity named Ebury Partners Belgium NV. This is regulated by the National Bank of Belgium as an Authorised Payment Institution and will service European Economic Area (EEA) based clients. If Brexit moves forward, it is likely that continental clients’ relationship will move across to this new entity.

What does this mean for you?

In practice, your day to day relationship with Ebury will not change.

If you are an EEA based client, there are only two small differences to note:

  • Updated T&Cs:

    As Belgian law is slightly different to English law, we will provide you with a new set of terms and conditions. You can still operate the same way you do now but your contract will simply be held with Ebury Partners Belgium NV.

  • Forward contracts:

    Should Brexit go ahead, any existing forward contracts will continue to be held by Ebury Partners UK Ltd until they reach maturity, however, these will be settled and serviced through the Belgian entity.

There will be no material difference in the way we service your business needs—you will have the same experience with us in the future as you do today.

What’s next for you?

It’s important to remember that until we know more about the outcome of Brexit we cannot say with certainty what will be happening. However, you can be assured that we’re well prepared to ensure a seamless transition.

As developments continue to unfold keep an eye out for communications from us updating you on any changes that may impact you.

If you want to know more about what we’re doing to prepare for Brexit, or if you have any questions regarding what this might mean for you, please contact your Relationship Manager who will be happy to help you.