Mazepay receives Pan-European Payments Licence from The Danish Financial Supervisory Authority.

Start of a new era

We proudly announce that as of the 24th of May 2022, Mazepay is under the Danish Financial Supervisory Authority (DFSA) supervision.

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Mazepay is a pan-European payments institute

After a long and excessive application and enrollment process, we have been granted a pan-European payments institute licence by the DFSA, enabling it to handle transactions on behalf of companies to pay suppliers' invoices directly.

The granting of the licence is an essential step for us, which allows us - in more than 27 countries across Europe - to handle our customers' funds, handle supplier connections, and pay invoices directly, adds further legitimacy to the platform, and demonstrates to customers, regulators and potential partners that it is operationally responsible and is compliant with financial regulations.

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The DFSA's main supervisory functions

• Authorisation/approval, e.g. authorisation to carry out insurance activities, approval of the appointment of members to the board of directors and the board of management or as a key function holder, etc.
• Controls, e.g. monitoring via off-site supervision or on-site inspection of insurance undertakings' financial and solvency situation, changes in the ownership structure and compliance with regulations.
• Discipline, e.g. taking preventive or corrective measures via supervisory decisions to the insurance undertakings in the form of orders, reprimands, risk information or fines.
• Regulation: Setting standards, e.g. by issuing regulations and guidelines.
• Information: Publication of statistical data and analytical reports on the insurance sector.

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How does this translate to our solution?                                  

The DFSA licence is a key enabler for our invoice and supplier management procedures. As a pan-European payments institute, we can handle invoice transactions for suppliers not accepting card payments with the ease of an online purchase.

At Mazepay, we manage the supplier onboarding flow as part of the Supplier Management solution. This connects to our Invoice Management solution, ensuring that all transactions are made to trusted parties. Our Supplier Management solution relies on the following qualifications:

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Regulatory Requirements

Mazepay employees monitor relevant regulatory requirements, including anti-money laundering legislation.

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Data sources

Mazepay draws on industry best practice data providers for supplier master data, PEP lists and sanctions (e.g. Dow Jones, Dun & Bradstreet).

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Process tools

Mazepay uses a holistic case management tool including risk assessments (based on, e.g. AML questionnaire, company type, location(s), PEP, sanctions) and data collection for secure handling of personal data.

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People

Mazepay has a number of persons tasked with ensuring that all elements come together for all individual onboardings so Mazepay can safely process payment transactions to the onboarded suppliers.

As a licensed institute, Mazepay is committed to doing it right and ensuring that suppliers are maintained as payment-ready. We ensure that each onboarded supplier lives up to the regulatory requirements when our customers select to transact with them.

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Mazepay will make as much information and documentation available to our buyer customers for compliance and audit purposes as possible under regulatory requirements.

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About the DFSA

The most important supervisory activity is monitoring financial institutions' adequate funds to cover their risks (supervision of solvency). The DFSA also supervises the securities markets in Denmark. They watch that listed companies comply with their obligations to publish internal knowledge and other relevant information. Supervision of the stock market area also includes control that prospectuses are published when securities are offered to the public, and that prospectus material meets all statutory requirements. Finally, the DFSA monitors the markets intending to intervene in market abuse (insider dealing and price manipulation).

In addition to supervisory activities, the DFSA assists in drawing up financial legislation and issues executive orders for the financial area. Finally, the DFSA collects and communicates statistics and key figures for the financial sector.

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Mazepay is an all-in-one procurement platform for long-tail spend that enables the seamless management of all subscriptions from approvals to payments. Get in touch today to find out more.