Now that Brexit has been put off another 6 months, we can all breathe a little easier, right? The current agreement delays the UK’s exit from the European Union (EU) until October 31st; however it also stipulates that Brexit is immediately triggered on June 1st if the UK does not hold EU Parliamentary elections next month. So, what does this all mean for Segpay and our merchants?
In the current pre-Brexit environment, Segpay’s designation as a UK Payment Institution covers our payment and merchant services in both the UK and EU (via passporting rules). In the meantime, Segpay has been setting up shop in Ireland – a.k.a., the EU – and expects to be licensed there by end of summer. Should the dreaded “hard Brexit” happen – i.e., no deal to help smooth the UK’s transition out of the EU – Segpay merchants should see no disruption with all payments handled by a licensed payment institution, via our Irish entity.
We’ll make an announcement once Segpay Ireland is officially licensed, with an introduction to our dedicated EU team as well. For now we wanted to let you know where things stand. As always, please feel free to contact us with any questions.