Cardstream Gives Mobile Payments a Post-Brexit Safety
The recent furor over Great Britain’s exit—or Brexit, as it’s known colloquially—from the European Union (EU) is still going on, and political uncertainty is an increasing problem for those doing business with the rogue-in-waiting. That’s prompted companies to step in and offer a note of security in the midst of all this hubbub, like Cardstream, who’s offering a means to “Brexit-proof” white label mobile payments systems.
To provide this Brexit-proofing, Cardstream has been working on three key fronts: mobility, tax jurisdiction, and customer data issues. With these three points now seen to effectively, even in the event of a hard Brexit—which is apparently still a possibility—payment operations will still be up and running as they’ll comply with both British and EU law.
New routing technology operates in real-time, which will allow the transactions to take place in the best overall position for cost effectiveness and overall regulatory compliance. Data will be processed in the place it needs to be, which means data will be held and processed inside the EU for those subject to EU mandates.
Cardstream partner firm Fidelity Payment Processing’s managing director, Ben Cohen, noted “Payments can get complex, particularly when dealing with cross-border transactions in an environment that is continuously shifting. The uncertainty around Brexit increases that complexity even further. We appreciate that Cardstream is always working to keep things simple and ensure we are one-step ahead. It’s particularly important that they’ve been working to help de-risk the impact of a hard Brexit for companies like ours that need to make sure there’s a dial-tone of payments irrespective of what happens.”
Basically, what it seems Cardstream has done here is hedge its bets. This advance preparation allows it to not only be viable in the future if the hard Brexit actually comes to pass, but it also makes itself a good buy right now. Anyone who’s concerned about a hard Brexit later will have their own bets hedged by going with Cardstream, and if the hard Brexit doesn’t ultimately hit, the end result remains that they’ll have a useful mobile payments platform in hand.
Cardstream has set itself up for the ultimate in win-win. No matter which way Brexit falls, Cardstream can still keep—and gain—new customers. All it had to do was prepare sufficiently to allow for either use case.