Financial clearing & settlements

Background and Licensing

We’ve obtained a Payment Institution sub-license as a duly registered Agent of Oonex SA which is a regulated Payment Institution, under supervision of the National Bank of Belgium.

Our license is passported to all the 31 countries of the European Economic Area (EEA). Our sub-license allows us to offer regulated payment services under the EU Directive 2015/2366 (Payment Service Directive II).

Regulated Payment Institution Agent

Thanks to our Payment Institution sub-license, we are allowed to offer our services in the European market which is only allowed to be offered by licensed financial institutions.

This means that we are able to present you with the following regulated payment services:

  • fund collection and settlement
  • executing payment transactions (including credit transfers and direct debits through payment cards or other KUARIO devices)
  • credit card processing
  • operating a multi-currency payment account (IBAN)
  • issuing and/or acquiring payment transactions and financial contracting

Obligation to comply with the anti-money laundering (AML) laws

We are obligated to take appropriate measures to ensure that our partners and customers comply with the applicable AML and Combat Terrorist Financing (CTF) laws and regulations. All our partners and customers are bound by an Agreement and online Terms of Use (accessible via this website)) to provide us with accurate, true, valid and complete information including identification and verification documentation as may be required by us at any time. Our customers commit that all funds used to load/reload their KUARIO prepaid account originate from legitimate activities and sources.

Collection of information & due diligence

For us to comply with the applicable laws as a regulated Payment Institution Agent as well as AML/CTF laws, you are kindly requested to submit information and documents relevant for our due diligence procedure. We are obligated to gather the mandatory documents to verify the identity of our partner and identify Ultimate Beneficial Owners (UBOs) of our partner entities. The process known as Know Your Customer (KYC) requires us to perform customer due diligence on every customer using our services and every partner that enters into an agreement with us.

Your funds are safeguarded on an trusted escrow account

Oonex Payment Institution who has granted the Agent sub-license to us takes the financial and regulatory liability for the activities operated by us in the European market. The member regulated in Europe in the Sponsoring Payment Institution is obligated to ‘safeguard’ your (KUARIO’s partner’s) funds on a segregated payment account. This means that when we deliver ‘regulated payment services’ to you, the transactions will be cleared and settled from a dedicated account where your (and/or your merchants) funds are always protected.

Global Payment Processing

We offer you a global payment connectivity via our expansive network of Acquiring and Payment partners. You are provided with secure payment processing via a PCI DSS Level 1 payment processor’s gateway.