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🚶🏻‍♀️Steps of your transition to our new banking provider, Adyen
🚶🏻‍♀️Steps of your transition to our new banking provider, Adyen

Detailed steps of our timeline!

Updated over a week ago

This article is part of a collection of articles regarding your transition to our new banking provider, Adyen.

Phase 1

First of all, PSP mandate & SFS/BaaS Terms and conditions will need to be signed by our customers (you!).

Then, the KYC on Adyen’s portal will be completed/validated. We will pre-fill this information for you when this is possible. We have to ensure that the information is up to date. This is a standard legal requirement for all financial institutions like Spendesk. Information includes names, addresses, beneficial owners for example.

You will need to declare your account (= the bank account that you’ll be using to fund your Spendesk payments account).

Finally, you will be able to prepare your cards’ order (provide shipping addresses).

Phase 2

We will create an Adyen payment account for you.

You will have to fund your payment account.

(If this is not done on time, we will transfer your account funds to the new account automatically, see Phase 4).

Phase 3

Your physical cards will be sent and you’ll need to activate them upon reception.

Your subscription cards will be renewed. You will have to edit the card details on the merchant’s website.

Your Spendesk bank account code will need to be filled for accounting purposes.

We will operate the wire transfer switch.

We will create new Adyen bank statements. Note that during the transition month, you might have 2 different bank statements.

We will change your billing settings (contact your CSM for details) 😊.

Phase 4

We will move your former account’s funds to the new payments account.

We will deactivate your former cards.

We will restrict the access to your old account.

➡️ Once these steps are completed, we will start initiating the process of restricting the usage of your current payment account(s) and blocking all associated cards. You’ll receive additional information on this topic shortly with precise dates, and you’ll have at least 30 days’ notice before we block your account(s) and cards.

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