Regulatory Information

Legal entity, regulatory status and important customer information

This page provides important information about the legal entity operating TwintaPay, its regulatory registrations and the nature of the services that TwintaPay intends to provide.

Our legal entity

TwintaPay is a trading name of United Exchange Ltd.

TwintaPay is not a separate limited company. Contracts, payment services, customer relationships and regulatory responsibilities associated with TwintaPay are undertaken by United Exchange Ltd.

  • Legal name: United Exchange Ltd
  • Company number: 07860668
  • Company status: Active
  • Country of incorporation: England and Wales
  • Registered office: 149 Cheetham Hill Road, Manchester, M8 8LY, United Kingdom
  • Trading name: TwintaPay

Financial Conduct Authority registration

United Exchange Ltd is registered with the Financial Conduct Authority as a Small Payment Institution under the Payment Services Regulations 2017.

  • FCA Firm Reference Number: 584295
  • Registration category: Small Payment Institution

Small Payment Institution registration is not the same as authorisation as an Authorised Payment Institution. United Exchange Ltd may provide only the payment services permitted under its registration and subject to the applicable regulatory restrictions.

You can check the firm’s current regulatory status by searching for Firm Reference Number 584295 on the Financial Services Register.

HMRC money-laundering supervision

United Exchange Ltd is registered with HM Revenue & Customs for supervision under the Money Laundering Regulations.

  • HMRC MLR Registration Number: XBML00000198839

This registration relates to the firm’s obligations to maintain appropriate systems and controls for the prevention of money laundering, terrorist financing and proliferation financing.

HMRC registration does not constitute an endorsement of the commercial quality, pricing or performance of the services provided by the firm.

Our intended service

TwintaPay is being developed as a fully online and cashless international money-transfer service for customers in the United Kingdom sending money to recipients in Nigeria and Ghana.

The availability of each transfer corridor, payout method and service feature is subject to final operational readiness, banking arrangements, payment and payout-partner availability, compliance controls and applicable regulatory requirements.

Customers should rely only on the countries, services, payout methods, fees and limits displayed during the actual transfer journey.

TwintaPay is not a bank

Neither TwintaPay nor United Exchange Ltd is a bank or building society. We do not provide bank accounts, savings accounts, deposit-taking services, credit facilities or investment products.

Money transmitted through a payment service is not a bank deposit.

Financial Services Compensation Scheme

Money held or processed by a payment institution is not protected by the Financial Services Compensation Scheme in the same way as eligible deposits held with a UK-authorised bank, building society or credit union.

Customers should therefore not interpret our FCA registration or HMRC registration as providing FSCS deposit protection.

Customer-funds arrangements

United Exchange Ltd is registered as a Small Payment Institution. Small Payment Institutions are not automatically subject to the same mandatory safeguarding requirements that apply to Authorised Payment Institutions unless they elect to comply with the safeguarding regime voluntarily.

Before TwintaPay begins accepting live customer transfers, we will provide clear information about the customer-funds arrangements applicable to the service and the way payments will be collected, processed and transmitted.

Customers should not send funds to any bank account, individual or third party unless the payment instruction is generated through an official TwintaPay transfer journey or provided through an authorised TwintaPay communication channel.

Financial crime controls

United Exchange Ltd is required to maintain proportionate systems and controls designed to identify and mitigate financial-crime risks.

Depending on the circumstances, these controls may include:

  • Customer identity and address verification;
  • Sanctions and politically exposed person screening;
  • Transaction monitoring;
  • Source-of-funds and source-of-wealth enquiries;
  • Verification of recipient and transaction information;
  • Enhanced due diligence for higher-risk customers or transactions;
  • Suspension, rejection or investigation of unusual transactions;
  • Regulatory or law-enforcement reporting where legally required.

We may request additional information or documentation before processing a transfer. A transaction may be delayed, suspended, rejected or cancelled where necessary to comply with legal, regulatory, security or risk-management obligations.

Our payment and payout partners

TwintaPay may use regulated banks, payment service providers, identity-verification providers and overseas payout partners to deliver its services.

The availability of a partner, corridor or payout method may change. The partner and payout information relevant to a particular transaction will be shown where appropriate during the customer journey.

Use of a third-party provider does not remove United Exchange Ltd’s responsibility for complying with the regulatory obligations applicable to its own activities.

Communications and financial promotions

We aim to ensure that information about TwintaPay is clear, fair and not misleading.

Exchange rates, fees, transfer times, limits and payout options may vary according to the destination, transaction amount, payment method, customer risk profile, market conditions and partner availability.

The final exchange rate, transfer fee and expected recipient amount will be disclosed before the customer authorises a transfer.

Complaints

Customers can submit complaints free of charge by emailing complaints@twintapay.co.uk.

Further details about our investigation process, response times and potential referral to the Financial Ombudsman Service are available in our Complaints Procedure.

Compliance enquiries

Regulators, law-enforcement bodies, banking partners, payment providers and other authorised parties may contact our Compliance Team at:

  • Email: compliance@twintapay.co.uk
  • Telephone: +44 (0)161 566 7083
  • Address: 149 Cheetham Hill Road, Manchester, M8 8LY, United Kingdom

Partnership enquiries

Banks, payment institutions, payout providers and other prospective commercial partners may contact:

partnerships@twintapay.co.uk

Changes to regulatory status

Regulatory permissions, registrations, restrictions and business arrangements may change over time.

Customers and partners should consult the Financial Services Register and the latest information published on this website when verifying our current status.

Contact information