Why is our Polish-based business impacted?
Your Nium account, registered under a Polish entity, was originally onboarded via Nium Solutions Limited (Nium UK), formerly Ixaris Solutions Limited (Ixaris UK) as, at the time, it was not commercially viable to onboard Polish entities directly with Ixaris Financial Services Malta (IFSM).
Due to recent regulatory changes and card scheme requirements, this is no longer the case. Polish-based entities must now be supported under the appropriate EEA-licensed entity, and as a result, your account is required to migrate from Nium UK to IFSM.
What do we need to do?
There is no immediate action required from you at this stage. Our team will reach out to:
- Complete the due diligence process required to onboard you with IFSM
- Share the IFSM terms and conditions for your review and signature
When will these changes take effect?
Once the due diligence process is completed and the IFSM terms and conditions have been signed, we will provide you with full details of your new IFSM account. This will include access credentials, reporting, and funding information, as well as guidance on when to begin using the new account.
Will our commercials or pricing change?
No. Your commercials will remain unchanged. You will be provided with the EU equivalent card products to those you have today.
Will our integration with Nium be affected?
No. Changing the licensing entity will not impact your existing integration with Nium.
Will the chargeback process change?
No. The chargeback process will remain the same, and moving to the EU entity will not affect chargeback handling.
Will our funds be safe?
Yes. Nium follows all regulatory requirements and safeguarding controls imposed by the Malta Financial Services Authority.
What happens to our existing UK account with Ixaris Solutions Limited (Ixaris UK)?
Once your IFSM account is live and available for use:
- Card creation on the UK account will be disabled
- All existing cards will remain active
- Any new deposits sent to the UK account will be suspended for manual review
After a grace period of 6 months, the UK account will be closed. Upon closure:
- All active cards will be deleted and no new authorisations will be permitted
- Settlements for authorisations made prior to closure will continue as normal
- Refunds on deleted cards will be automatically credited to the UK funding account
- Access will be revoked for all users except the root user, which will remain available for withdrawing funds to a pre-approved bank account
Will our funding details change?
Yes. You will be provided with new EU funding details. Once shared, we recommend updating your records and using these details going forward to help avoid any potential funding delays.
What happens if we send funds to the old virtual IBANs?
Any funds sent to the old virtual IBANs will be suspended for manual review, which may result in delays in crediting your account. To avoid potential deposit delays, you should update your records to use the new IBAN details as soon as they are shared.
Are deposit timeframes the same?
Deposit timeframes remain unchanged. Full details can be found in the Funding Guide.
What happens to our existing users and API credentials?
Users and API credentials cannot be migrated. A new IFSM account will be created with new users and API credentials.
Will the business portal URL change?
Yes. The URL for accessing the business portal will change.
What happens to our reports?
All reports on your existing UK account will remain available for viewing and download. Reports will also continue to be generated to reflect any remaining activity on the UK account.
A new set of reports will be available for activity processed through your IFSM account.
Will our existing purchases still go through?
If a card authorisation was completed before the UK cards are deleted, the purchase will still settle as normal. Any payments scheduled for a date after card deletion will fail.
What happens to existing scheduled loads?
Once UK cards are deleted, any future scheduled loads will fail.
What should we do about cards stored with merchants?
You will need to update any merchants that have your UK card details on file and provide them with your new EU card details.
How do we access any remaining balances on the UK account?
You have two options:
- Use the root user to withdraw funds to a linked and pre-approved bank account
- Request a transfer of funds from your UK account to your new IFSM account by contacting your designated support team
Will future refunds be impacted?
Refunds received on the UK account will be automatically credited to the UK funding account.
Will we incur any additional fees?
All applicable fees and charges are outlined in your signed contract. Please refer to your contract for full details.