Review: The Networked Cyprus-Based High-Risk Payment Prozessor Sureswipe E.M.I.

tamir
Tue, 09 Jul 2024 10:44:37 +0000
Compliance, Orange Compliance, Reviews & Ratings, ticker, Berry Solutions, ByPin, CASHlib, Fenix Technology, George Christofides, Helen Varnava, Koumis Poyiadjis, Maria Kouridou, OKto, OKTO Group, Oktopay Deutschland, Prepaid Optimal Solutions, Shavasb Bohdjalian, Sureswipe E.M.I., Sureswipe EMI, Yervant Bohdjalian, Yiannos Christofides

Sureswipe E.M.I. operates as an e-money institution (EMI) within high-risk segments such as online casinos, sports betting, and gambling, primarily through licensed domains and brands rather than its own Revsto brand. The licensing from EMD agents to service merchants in these segments raises significant transparency concerns. The company’s regulated status by the Central Bank of Cyprus and its lack of disclosure about its high-risk segment activities further compound these concerns.

Business Model

Sureswipe E.M.I. leverages a network of licensed domains and brands to operate in high-risk areas, bypassing the direct use of its Revsto brand. This model is exemplified by several key license agreements:

OKTO: This Greek payment scheme, known for its e-voucher and wallet system used in high-risk sectors, licenses its brand to Sureswipe E.M.I. OKTO Group licenses the brand, while Oktopay Deutschland GmbH acts as an EMD agent.

CASHlib and ByPin: Managed by Berry Solutions Ltd, these e-voucher schemes are licensed to Sureswipe E.M.I., Fenix Technology SA, and Prepaid Optimal Solutions SA. Both Fenix and Prepaid Optimal Solutions serve as e-money distribution partners for Sureswipe E.M.I.

Despite the extensive use of licensed brands in high-risk segments, the Revsto website (Revsto.com) shows minimal visitor traffic and does not actively promote these activities.

Compliance Check

As an e-money institution regulated by the Central Bank of Cyprus, Sureswipe E.M.I. is expected to maintain transparency in its operations. However, we found some issues to be addressed:

1. Transparency Issues: The Revsto website fails to disclose the license agreements and associated high-risk segment activities. This omission is concerning, given these sectors’ regulatory implications and potential risks.

2. Founders and Executive Roles: The dual roles of Yiannos Christofides and George Christofides in Sureswipe E.M.I. and Meerkat City, a regulatory services provider, raise potential conflicts of interest. Meerkat Solutions d/b/a Meerkat City promotes EU licensing applications for financial institutions, yet there is a lack of transparency in Sureswipe E.M.I.’s disclosures.

3. Executive Backgrounds: Shavasb Bohdjalian and Yervant Bohdjalian’s involvement with Eurivex, a CySEC-regulated entity, and the appointment of Helen Varnava as CEO in 2020, who previously served as Head of Compliance at Payabl, a Cypriot-German payment processor, bring experienced regulatory oversight. However, this experience has not translated into adequate transparency for Sureswipe E.M.I.

4. Red listing: In our reviews of illegal online casinos and gambling sites, we found CASHlib to be one of the payment processors. Consequently, the cyberfinance rating agency PayRate42 has included CASHlib in its Red Compliance and Red Risk lists.

Go to the CASHlib profile on PayRate42.

Sureswipe E.M.I.’s business model, reliant on licensing from EMD agents to operate in high-risk sectors, while innovative and interesting, presents significant transparency issues. The lack of disclosure on its Revsto website suggest a need for greater regulatory scrutiny. Ensuring compliance and transparency is crucial for maintaining trust and integrity within the financial services industry.

Key Data Sureswipe

Trading name | Revsto

Related trading names

OKTO
CASHlib
ByPin

Business activity | E-Money Institution
Domain | https://revsto.com

Related domains

https://cashlib.com
https://bypin.online
https://oktowallet.eu
https://okto.cash

Social media | LinkedIn
Legal entity | Sureswipe EMI PLC (Cyprus)

Related legal entities

Berry Solutions Limited (Malta)
FENIX Technology SAS (France)
Prepaid Optimal Solutions SA (Luxembourg)
Oktopay Deutschland GmbH (Germany)

Related individuals

Helen Varnava (LinkedIn) – CEO
Yiannos Christofides (LinkedIn)
George Christofides (LinkedIn)
Shavasb Bohdjalian (LinkedIn)
Yervant Bohdjalian (LinkedIn)
Koumis Poyiadjis (LinkedIn)
Maria Kouridou (LinkedIn)

Jurisdiction | Cyprus

Authorization

Authorized as EMI by
the Central Bank of Cyprus

Compliance rating | Orange

Request for Information

Given the opacity surrounding Sureswipe E.M.I.’s operations, we urge stakeholders to provide further information about the company’s activities, its key personnel, and partners. Insights shared via our whistleblowing system Whistle42 will contribute to a clearer understanding of Sureswipe E.M.I.’s business practices and compliance with regulatory standards.