Payello, a global financial platform, has made its mark by offering access to a multitude of financial services catering to both individuals and businesses. Its recent listing on PayRate42 has brought it to the limelight, and here’s a detailed look into what this platform brings to the table.
Offering And Fees
At its core, Payello aims to be a comprehensive financial hub. Their range of services includes:
- Multi-currency Digital Wallet: Allowing users to manage multiple currencies seamlessly.
- Payment Processing: Streamlining transactions for businesses and individuals.
- Card Issuing: Facilitating card-based transactions.
- Money Transfers: Making global transfers simple and efficient.
- Financial Management Tools: These tools range from basic accounting and expense tracking to team management and payroll services.
Moreover, Payello’s support for over 135 currencies ensures that businesses can charge their customers in their preferred currency, while receiving payments in their own currency. Payello operates on a tiered pricing model, offering three distinct packages to cater to different needs:
- Standard: Completely free of charge.
- Plus: Priced at 15 pounds per month.
- Enterprise: Priced at 100 pounds per month.
Regulation & Compliance
Payello‘s operations involve collaboration with several financial institutions. These include The Currency Cloud Limited, with which they offer electronic money issuance and payment services via the Payello Wallet and Payello Payments. These collaborations span institutions authorized in the UK, the Netherlands, Cyprus, and the U.S.
However, there’s a cloud of ambiguity around Payello’s regulatory status. Despite their claim of being an appointed agent of The Currency Cloud Limited, which is authorized by the Financial Conduct Authority (FCA) in the UK, there seems to be no record of Payello on the FCA Financial Services Register. Furthermore, documentation regarding their association with other regulated Electronic Money Institutions (EMIs) remains elusive.
