United Kingdom · Payments & e-money
System Pay Services Limited
Legal name in the LEI recordSYSTEM PAY SERVICES LTD
System Pay Services Ltd is a private limited company registered in England and Wales and based in London. The Financial Conduct Authority (FCA) authorises it as an electronic money institution under reference 901057. The firm is the UK e-money entity of the BVNK group and trades under the BVNK brand. BVNK Holdings Limited owns all of its shares, and Mastercard Incorporated has owned the BVNK group since August 2026. The firm offers e-money accounts, wallets and payment services to businesses, and these link to BVNK's stablecoin payment platform.
Licences and registrations
Held by System Pay Services LTD (LEI 9845007B0D6MCE0F8184). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| FCA Financial Services Register - E-Money InstitutionsFCALinked by LEI. Matched by Elucidate on the UK company number the register gives. | Authorised E-Money InstitutionE-Money / Stored Value Institution | 901057 | United Kingdom | Active | 2020-11-06 | — |
|
Search the register ↗ |
Trading names on the register: BVNK (FCA-EMI)
- Licences belong to the legal entity, not to a BIC.
- Each licence applies in the country of the regulator that granted it.
- Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here.
- The register entries and their trading names were not matched against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
Swift network
Swift’s ISO 9362 BIC directory
- BIC
- SYPEGB22XXX head office
- Connection to Swift
- Reverse billingThe institution is connected to Swift. Messages sent to it are billed to the institution, not to the sender. The “2” in the eighth character of SYPEGB22 marks reverse billing.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- No entry in the EPC registers, the ECB T2 and TIPS lists or the SIX Bank Master cites this BIC
- Branch codes
- None: head-office BIC only
- BIC first registered
- 2023-04-01
- Last updated
- 2023-04-01
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Ownership
Group subsidiary
100% BVNK Holdings Limited
Firm type
E-money and accounts
Trades as BVNK
- Standing
- BVNK Holdings Limited acquired the firm in November 2022. Mastercard completed its acquisition of the BVNK group on 3 August 2026.
- Ownership
- BVNK Holdings Limited (Companies House 13922014) holds 100% of the firm, and Mastercard Incorporated has owned the BVNK group since 3 August 2026.
- Direct parent
- BVNK Holdings Limited, United Kingdom 100%
- Ultimate owner
- Mastercard Incorporated, United States
- Head office
- 4th Floor, 91-93 Farringdon Road, EC1M 3LN London, United Kingdom
- Company register
- Companies House 11621763
- Incorporated
- 14 Oct 2018
Online
- Websites & references
- bvnk.com ↗
systempay.co.uk ↗ former domain of the firm, now showing the BVNK site
help.bvnk.com ↗ help centre with legal and regulatory pages
bvnk.status.io ↗ status page
docs.bvnk.com ↗ developer documentation - Official social accounts
- LinkedIn ↗ · X ↗ · Facebook ↗ · Instagram ↗ · YouTube ↗
Sources · 12 pages consulted
- find-and-update.company-information.service.gov.uk/company/11621763
- find-and-update.company-information.service.gov.uk/company/11621763/officers
- find-and-update.company-information.service.gov.uk/company/11621763/persons-with-significant-control
- find-and-update.company-information.service.gov.uk/company/11621763/filing-history
- find-and-update.company-information.service.gov.uk/company/11621763/filing-history/MzU0MTI2MDM0OGFkaXF6a2N4/document?format=pdf&download=0
- help.bvnk.com/hc/en-us/articles/11094354781074-What-licenses-registrations-does-BVNK-and-BVNK-s-Partner
- help.bvnk.com/hc/en-us/articles/11904995498514-How-are-my-e-money-funds-protected
- systempay.co.uk/
- bvnk.com/about-us
- bvnk.com/blog/bvnk-acquires-uk-licensed-e-money-institution-to-accelerate-expansion
- investor.mastercard.com/investor-news/investor-news-details/2026/Mastercard-completes-acquisition-of-BVNK-to-adva
- mastercard.com/us/en/news-and-trends/press/2026/march/Mastercard-to-acquire-BVNK-to-connect-on-chain-pay
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The FCA authorises the firm as an electronic money institution under the Electronic Money Regulations 2011, reference 901057. The group's EU, crypto-asset and US services are provided by sister companies in Malta and the United States.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Financial Conduct Authority United Kingdom | Authorised Electronic Money Institution | 901057 | In its own name | Active | register.fca.org.uk ↗ |
Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks.
Partners and safeguarding
Researched 29 Sep 2026 · Sources
- Safeguarding
- Segregated safeguarding accountsThe firm states that customers' e-money funds are segregated from its own funds and protected from insolvency in line with UK safeguarding rules. The FSCS does not cover e-money.
Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices.
Products and markets
Researched 29 Sep 2026 · Sources
The firm issues e-money and provides payment services for BVNK's business customers. BVNK combines these fiat accounts with stablecoin payments, and its UK licence covers fiat services only.
The firm holds a UK licence, and its 2025 accounts attribute all turnover to the United Kingdom. The BVNK group says it serves customers in more than 130 countries through several entities.
- Revenue
- GBP 671,301
- Payment volume
- USD 39bnannualised volume (BVNK group, stated as '$39bn+')
- Sells to
- Enterprises · Platforms and marketplaces · Financial institutions · Small businesses
- Serves customers in
- United Kingdom
Leadership
Researched 29 Sep 2026 · Sources
- Compliance / MLRO
- Philip Charles Doyle Director; Chief Compliance Officer (BVNK group)
- Executive
- Ian Robert Beth Director; Chief Commercial Officer (BVNK group)
- Executive
- Martin Griffiths Director
- Executive
- Emma Joan Strydom Company Secretary
Recent events
Researched 29 Sep 2026 · Sources
-
Merger / acquisition
Mastercard completed its acquisition of the BVNK group, which includes the firm.
investor.mastercard.com ↗ -
Funding
BVNK Holdings Limited made a capital contribution of GBP 750,000 to the firm.
find-and-update.company-information.service.gov.uk ↗ -
Merger / acquisition
Mastercard agreed to acquire BVNK for up to USD 1.8 billion, including USD 300 million in contingent payments.
mastercard.com ↗ -
Leadership
Darran Pienaar resigned as a director on 30 October 2025.
find-and-update.company-information.service.gov.uk ↗ -
Leadership
Maximilian Benedikt von Both resigned as a director on 10 September 2025.
find-and-update.company-information.service.gov.uk ↗ -
Leadership
The firm appointed Ian Robert Beth as a director on 1 August 2025.
find-and-update.company-information.service.gov.uk ↗ -
Leadership
The firm reappointed Philip Charles Doyle as a director on 1 July 2025.
find-and-update.company-information.service.gov.uk ↗
Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source.
Identifiers
Head-office record
- BIC
- SYPEGB22XXX
- How the BIC breaks down
- SYPEBank
- GBCountry · United Kingdom
- 22Location · reverse billing
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 9845007B0D6MCE0F8184
- LEI record
- View on GLEIF ↗
- Licence no. · FCA-EMI
- 901057
- How the LEI was matched
- BIC: Mapped to this BIC in the Swift and GLEIF BIC-to-LEI relationship file.Register entry: Matched by Elucidate on the UK company number the register gives.
- Register-entry ID
- 07e8ab2e5162
Profile
- Type
- Payments & e-moneyPayment institutions, e-money and stored-value issuers, and account-information providers. Licensed under payment-services law (e.g. PSD2 in the EU and UK, the Payment Services Act in Singapore). Taken from the licences on the tracked registers.
- Regulation
- Prudential licenceAuthorised with capital, safeguarding and conduct requirements, e.g. an authorised payment or e-money institution in the EU or UK, a major payment institution in Singapore, or a MiCA crypto-asset service provider.
- Register licences
- 1 entry on 1 register
- Activities
- Payment services
- E-money / stored value
- Licensed in
- United Kingdom
- Website (register)
- www.bvnk.com ↗
- Country · region
- United Kingdom · Europe & Central Asia
- Trading venues (MIC)
- No MIC registered under this LEI list of 2026-09-17
- OFAC sanctions
- No listing cites this BIC
- EU sanctions
- No listing matched this BIC or its LEI
- Country sanctions
- No country programme
Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet.
Ownership and group
GLEIF relationship records
GLEIF’s relationship records name no parent for this LEI, and no group page is published for it.
Addresses
- Registered address
- 89 CHARTERHOUSE STREET FLOOR 3 LONDON EC1M 6PE UNITED KINGDOM
- Operational address
- 89 CHARTERHOUSE STREET FLOOR 3 LONDON LONDON EC1M 6PE UNITED KINGDOM
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
A CBPR+ message identifies this institution by its BIC, and may add its LEI or a clearing code. CBPR+ does not allow a name and postal address next to a BIC.
- Identified by
- BIC, with its LEI
- Roles in CBPR+
- Any agent, including the instructing and instructed agents
CBPR+
For cross-border payments on Swift: the BIC, with the LEI and clearing code where known
<FinInstnId>
<BICFI>SYPEGB22XXX</BICFI>
<LEI>9845007B0D6MCE0F8184</LEI>
</FinInstnId>Full record
Every ISO 20022 element the directory holds. Base ISO 20022 allows them together. CBPR+ does not allow a name and address next to a BIC
<FinInstnId>
<BICFI>SYPEGB22XXX</BICFI>
<LEI>9845007B0D6MCE0F8184</LEI>
<Nm>SYSTEM PAY SERVICES LIMITED</Nm>
<PstlAdr>
<TwnNm>LONDON</TwnNm>
<Ctry>GB</Ctry>
<AdrLine>89 CHARTERHOUSE STREET FLOOR 3 LONDON EC1M 6PE</AdrLine>
</PstlAdr>
</FinInstnId>The BIC, name and address are as published in Swift’s BIC directory. The LEI comes from the Swift and GLEIF BIC-to-LEI file. Check them against your own records before use.
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Sources & method
Every value comes from a public source, such as Swift’s ISO 9362 BIC directory, GLEIF or the OFAC and EU sanctions lists. Most sources are matched on a BIC or an LEI, not on a name.
Swift GPI membership is matched on names and is indicative. A missing sanctions match does not mean that no listing applies. Always screen against the official lists.
Register entries are not screened against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page.
Read the methodology →Credits for this page
- FCA Financial Services Register - E-Money Institutions—Financial Conduct Authority (FCA) · register ↗ as at 25 September 2026
- Overview, authorisation, partners, products, leadership and events—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source.
- Images—logos and photos from Wikimedia Commons (credited with their author and licence) or from the institution's own website, where Wikimedia has none. Elucidate keeps a copy of each; the links lead to the source and the original image. Logo: bvnk.com (official website) · original.
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