ApprovalMax Pay is built on a regulated payment infrastructure and uses two complementary technologies:
1) E-money and virtual account infrastructure (Wallets)
Wallets are powered by regulated electronic money (e-money) and virtual account infrastructure provided by Currencycloud, an authorised Electronic Money Institution (EMI).
Wallets enable balance-based payments, including local and international payments, using safeguarded funds held in accordance with regulatory requirements.
2) Open Banking technology
ApprovalMax Pay uses the UK Open Banking protocol to securely initiate payments directly from your bank account. Open Banking services are provided through Yapily, an authorised Open Banking provider operating under applicable UK regulation. This allows payments to be initiated with your explicit consent, without sharing bank login credentials.