Established in 2018, Noda embarked on a journey driven by a vision for Open Banking solutions. With a singular focus on developing innovative and user-centric payment products, Noda’s journey began with the inception of their Open Banking payments product. Since their beginnings, Noda has focused on empowering online merchants by providing them with direct access to cutting-edge technologies, leading to accelerated growth and enhanced user interactions in the digital landscape.
Navigating the regulatory landscape: The path to FCA license
When Noda sought a payments license from the Financial Conduct Authority (FCA), they faced the challenge of understanding complex regulatory landscapes. Obtaining a payment licence would be a pivotal step for expanding their payment services in the UK. However, the path to FCA compliance was intricate and new to Noda. Noda needed a partner with regulatory expertise and a deep understanding of the FCA processes.
Neopay, known for its regulatory compliance expertise and consultative approach, emerged as the ideal partner for navigating the complexities of this process. Working closely with Noda’s Head of Product and legal team, Neopay was able to provide the needed guidance and support throughout the process. From conducting gap analyses and reviewing documented policies to creating new frameworks, mapping processes to regulatory standards, and compiling application packs, Neopay provided comprehensive support. Neopay was responsive to any changes during the application process and always kept Noda aware and informed, answering any questions they had along the way.
Aiding compliance beyond the license
Neopay’s role with Noda extended beyond the license application phase. Noda also approached Neopay about taking advantage of its Virtual Compliance Service. This encompassed a spectrum of activities, including handling variation of permissions applications, effecting structural changes, facilitating FCA notifications, conducting training, conducting audits, managing individual queries, resolving FCA reporting intricacies, and tackling unique compliance challenges.
FCA license success
With the help of Neopay, Noda’s license application was successful. In a remarkably short span of nine months, Noda secured the payments license, providing them with the ability to expand their services across the UK.
“I wholeheartedly recommend Neopay as your compliance consultants. They are an incredibly professional and knowledgeable firm that offers unwavering support, even in the face of our most challenging compliance questions. Their expertise has been invaluable to our journey, ensuring we navigate complex regulatory landscapes with confidence.”– Anastasija Tenca, Chief Operating Officer, Noda
Contact Neopay today to learn how our comprehensive compliance solutions can help you stay on top of your regulatory obligations while driving operational efficiency and growth.