¶ Introduction
Our unique verification service runs upon our network of accounts at multiple banks.
¶ World map
Multiple countries, banks, accounts and currencies from Hongkong to the USA! The above picture details all countries (in blue) where we hold accounts.
¶ Legal entities
WTSS consists of several legal entities owning accounts.
| Country | Entity | Having accounts in |
|---|---|---|
| DK | WTSS APS | Denmark |
| NL | WTSS BV | Europe, Noridcs, UK, Hongkong, Singapore |
| UK | WTSS LTD | UK |
| US | WTSS Production verification INC | USA |
¶ Multiple FI’s
Since we have accounts at multiple banks, we can verify via target2, Fedwire, CHAPS or Faster payments.
¶ Products
With our setups, we offer a broad range of verifications like;
- SCT: SEPA Credit Transfer
- MECT: Multiple Credit Transfers
- Domestic, cross-border or (true) international payments
- Sepa direct debits either B2B or CORE
- Merchant services
- PSD2 related verifications
- Buying/Selling of shares
- FX swaps
¶ Accounts and Currencies
Where needed, we have accounts in multiple currencies per country.
Some of our account currencies are CHF, DKK, EUR, GBP, HKD, JPY, LTL, NOK, PLN, RON, SEK, SGD, TRL, and USD.
¶ Retail
Although limited, we also hold several retail accounts in multiple countries.
¶ VBA
We also do verifications with VBA’s - Virtual Bank Accounts. Some of these are set up as ‘normal’ accounts; others have a pooling structure with a corresponding master account.
¶ Account opening, the process:
To make sure we follow local laws and operate in line with banks’ compliance, we always follow the below process:
| Step | What happens |
|---|---|
| 1 | After receiving a request from bank ABC to start verifications, we begin the onboarding process. |
| 2 | Depending on the type of services requested, we onboard as a Retail, SME, Large or Wholesale customer. |
| 3 | It has our preference to onboard accounts via the Dutch entity (WTSS BV). If, however, it is not possible for bank ABC to onboard foreign companies, we investigate the option for a new local entity. As you can see above, this was the case for the UK and USA. |
| 4 | FULL KYC; As a regular customer of bank ABC, we will undergo the complete KYC cycle as per governing law. That includes sharing all information requested by the bank. If local countries have specific needs, for example, in Spain, the articles of association need to be delivered in the local language, we do this via sworn translators, our notary, and the Dutch Court if an Apostille is needed |
| 5 | Once accounts are opened, and basic banking is available, we will fund these bank accounts to a calculated target balance. |
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