PayPodo announces cooperation with Verifo
A new partnership between PayPodo and Verifo is announced. PayPodo, operates under CustomHash AG (Certificate), becomes an authorized Electronic Money Institution intermediary of Verifo, operates under Verified Payments UAB (Licence No. 27), which is a licensed Electronic Money Institution supervised by Bank of Lithuania under the Electronic Money Regulations.
On February 19, 2021, PayPodo received official approval from the Central Bank of Lithuania to become an intermediary of the e-money institution Verifo. The license enables PayPodo to issue IBAN accounts, create multi-currency accounts, carry out SEPA and SWIFT transfers, and issue branded credit and debit cards in the future. This is an important milestone in the development of PayPodo, because it forms the foundation of the mission of bringing digital services to blockchain and create a vibrant online community of online users and businesses exchanging a variety of goods and services in a data safe environment hosted in Europe and fully GDPR compliant.
Verifo is a joint-stock company (Company code: 304576936) and is a registered e-money institution located in Vilnius, Lithuania. PayPodo is a modular & data-safe solution, made in Europe, operating from Berlin, Germany, for financial services, addressing users and online businesses. The license to act as an intermediary of Verifo empowers PayPodo to offer the highest possible financial standards as the Bank of Lithuania strictly examines and approves only those institutions that fully comply with the rules and regulations of the Bank. Among many other things, for clients of PayPodo it means they are dealing with a financial institution regulated by the top European financial regulator with a deposit guarantee of 100.000€ by the central bank.
Furthermore, the license gives the PayPodo the opportunity to enter the market of digital payments and contribute to the change of the outdated and centralized systems of payment providers that lack: user-centric approach, innovation, competitive fee structures for users and businesses. The groundbreaking modular blockchain technology that PayPodo operates on will provide banking and payment services in real-time, but cheaper, tamper-proof, and immutable. Data management will be decentralized, transactions anonymized, and a number of other states of the art security features will guarantee the safety of the data for all transacting parties.