Malta · Payments & e-money
System Pay Services (Malta) Limited
System Pay Services (Malta) Limited is a private limited liability company incorporated in Malta (company number C66961) that trades as BVNK. The Malta Financial Services Authority (MFSA) authorises it as an electronic money institution under the Financial Institutions Act. Since 13 February 2026 the MFSA has also authorised it as a crypto-asset service provider under the Markets in Crypto-Assets Regulation (MiCA). It is the EU operating entity of the BVNK group, which Mastercard acquired in August 2026. It provides businesses with EUR accounts, payouts, and stablecoin payment, conversion and custody services.
Licences and registrations
Held by System Pay Services (Malta) Limited (LEI 984500640Z8ADE893D04). 2 entries on 2 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| EBA PSD2 RegisterMalta Financial Services AuthorityLinked by LEI. Published by the register. | Electronic money institutionE-Money / Stored Value Institution | C66961 | Malta | Active | 2016-02-02 | — |
|
Search the register ↗ |
| ESMA interim MiCA register of crypto-asset service providersMalta Financial Services Authority (MFSA)Linked by LEI. Published by the register. | Crypto-asset service providerCrypto-Asset Service Provider | 984500640Z8ADE893D04 | Malta | Active | 2026-02-13 | — |
|
Search the register ↗ |
Trading names on the register: BVNK (EBA-PSD2, ESMA-CASP)
- 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
- SYPLMTM2XXX 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 SYPLMTM2 marks reverse billing.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- SCT · SCT Inst · VOP · TIPS
- Branch codes
- None: head-office BIC only
- BIC first registered
- 2026-06-08
- Last updated
- 2026-06-08
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Ownership
Group subsidiary
Firm type
Payment infrastructure
Trades as BVNK
- Standing
- The firm was formerly named Nobel Financial Limited. The BVNK group acquired it and said in February 2024 that it was operating as the group's EU electronic money institution. Mastercard completed its acquisition of the BVNK group on 3 August 2026.
- Ownership
- The firm belongs to the BVNK group, which Mastercard Incorporated acquired in August 2026. The direct shareholder of the Maltese entity is not published in the sources reviewed.
- Ultimate owner
- Mastercard Incorporated, United States
- Head office
- Ruby Workspaces Office 3, Pendergardens, Triq Sant'Andrija, STJ 9023 San Giljan (St Julian's), Malta
- Company register
- Malta Business Registry C 66961
- Founders
- Jesse Hemson-Struthers · Donald Jackson · Chris Harmse
- Former name
- Nobel Financial Limited
Online
- Websites & references
- bvnk.com ↗
help.bvnk.com ↗ help centre with legal and regulatory pages
docs.bvnk.com ↗ developer documentation
bvnk.status.io ↗ status page
trust.bvnk.com ↗ trust centre - Official social accounts
- LinkedIn ↗ · X ↗ · Facebook ↗ · Instagram ↗ · YouTube ↗
Sources · 17 pages consulted
- help.bvnk.com/hc/en-us/articles/11094354781074-What-licenses-registrations-does-BVNK-and-BVNK-s-Partner
- lb.lt/en/sfi-financial-market-participants/system-pay-services-malta-ltd
- fi.ee/en/payment-services/e-money-institutions/providers-cross-border-e-money-services/system-p
- uzraudziba.bank.lv/en/market/payment-service-providers/electronic-money-institutions/service-providers-from-
- amf-france.org/en/warnings/white-lists/daspcasp/system-pay-services-malta-limited
- bvnk.com/
- bvnk.com/about-us
- help.bvnk.com/hc/en-us/articles/11904995498514-How-are-my-e-money-funds-protected
- bvnk.com/mt-mt/custody-policy
- bvnk.com/mt-mt/pricing-policy
- agreements.bvnk.com/Client_Master_Agreement.pdf
- investor.mastercard.com/investor-news/investor-news-details/2026/Mastercard-completes-acquisition-of-BVNK-to-adva
- bvnk.com/blog/why-bvnk-is-joining-mastercard
- pymnts.com/news/acquiring/2026/mastercard-finalizes-purchase-of-crypto-infrastructure-platform-bvnk/
- thefintechtimes.com/bvnk-secures-mica-licence-in-malta-to-expand-european-stablecoin-operations/
- bvnk.com/blog/e-money-institution-europe-b2b-payments
- bvnk.com/blog/series-b-fuel-next-era-of-stablecoin-payments
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The MFSA authorises the firm as an electronic money institution under the Financial Institutions Act (Chapter 376 of the Laws of Malta). The MFSA also authorises it as a crypto-asset service provider under MiCA and the Markets in Crypto-Assets Act (Chapter 647). Both licences are used cross-border in other EEA states.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Malta Financial Services Authority (MFSA) Malta | Electronic Money Institution (Financial Institutions Act, Chapter 376) | NOB | In its own name | Active | help.bvnk.com ↗ |
| Malta Financial Services Authority (MFSA) Malta | Crypto-Asset Service Provider (MiCA; Markets in Crypto-Assets Act, Chapter 647) | C66961 | In its own name | Active | help.bvnk.com ↗ |
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 says it holds funds received for e-money in one or more segregated bank accounts with a banking partner, separate from its own funds. It says crypto-assets are not covered by these arrangements.
- Crypto-asset custody
- Held by the firmThe firm provides exchange, custody, transfer, and reception and transmission of orders for crypto-assets under MiCA. It says it may use authorised sub-custodians but remains responsible for client crypto-assets.
- Payment schemes and card networks
- SEPA Credit Transfer (via Bank of Lithuania CENTROlink) Direct thefintechtimes.com ↗
SEPA Instant Credit Transfer Access not stated bvnk.com ↗
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
BVNK describes its offer as stablecoin payment infrastructure for businesses. It combines EUR e-money accounts and payouts with the exchange, custody and transfer of crypto-assets. It says it serves businesses processing at least USD 500,000 a month.
The firm provides services across the EEA under its Maltese licences on a cross-border basis. Registers in France, Lithuania, Estonia and Latvia list its cross-border notifications.
- Payment volume
- USD 39bnannualised payment volume (run rate), as BVNK states it on its about page
- Sells to
- Enterprises · Platforms and marketplaces · Financial institutions
- Serves customers in 5 countries
- Malta · France · Lithuania · Estonia · Latvia
- Latest funding round
- Series B · USD 50m Dec 2024Led by Haun Ventures
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
-
Darran Pienaar
CEO Malta
- Founder
-
Jesse Hemson-Struthers
Co-Founder & Chief Executive Officer (BVNK group)
- Chief financial officer
-
Chris Halbert
Chief Financial Officer (BVNK group)
- Compliance / MLRO
-
Phil Doyle
Chief Compliance Officer (BVNK group)
- Executive
-
Tina Meschino
General Counsel (BVNK group)
- Founder
-
Donald Jackson
Co-Founder & Chief Technology Officer (BVNK group)
Recent events
Researched 29 Sep 2026 · Sources
-
Merger / acquisition
Mastercard completed its acquisition of the BVNK group, which includes the firm, on 3 August 2026.
investor.mastercard.com ↗ -
Merger / acquisition
Mastercard agreed to acquire the BVNK group for up to USD 1.8 billion, subject to regulatory approvals.
pymnts.com ↗ -
Licence
The MFSA authorised the firm as a crypto-asset service provider under MiCA on 13 February 2026.
thefintechtimes.com ↗ -
Other
BVNK announced that it had acquired the firm and that the firm was operating as its EU electronic money institution.
bvnk.com ↗
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
- SYPLMTM2XXX
- How the BIC breaks down
- SYPLBank
- MTCountry · Malta
- M2Location · reverse billing
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 984500640Z8ADE893D04
- LEI record
- View on GLEIF ↗
- Licence no. · EBA-PSD2
- C66961
- Licence no. · ESMA-CASP
- 984500640Z8ADE893D04
- How the LEI was matched
- BIC: Mapped to this BIC in the Swift and GLEIF BIC-to-LEI relationship file.Register entries: Published by the register.
- Register-entry ID
- 52ec48f3a6c4
- National bank code
- Sort code 39480
Profile
- Type
- Payments & e-money · CryptoPayment 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
- 2 entries on 2 registers
- Activities
- Money remittance
- Payment services
- Card acquiring
- E-money / stored value
- Crypto-assets
- Licensed in
- Malta
- Website (register)
- bvnk.com ↗
- Country · region
- Malta · Middle East & North Africa
- Banking supervision
- Not on the ECB's list of supervised entities as of 2026-07-01
- 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
- RUBY WORKSPACES 3 PENDERGARDENS,TRIQ SANT'ANDRIJA ST. JULIAN'S STJ 9023 MALTA
- Operational address
- RUBY WORKSPACES 3 PENDERGARDENS, TRIQ SANT'ANDRIJA ST. JULIAN'S STJ 9023 ST. JULIAN'S MALTA
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>SYPLMTM2XXX</BICFI>
<LEI>984500640Z8ADE893D04</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>SYPLMTM2XXX</BICFI>
<LEI>984500640Z8ADE893D04</LEI>
<Nm>SYSTEM PAY SERVICES (MALTA) LIMITED</Nm>
<PstlAdr>
<TwnNm>ST. JULIAN'S</TwnNm>
<Ctry>MT</Ctry>
<AdrLine>RUBY WORKSPACES 3 PENDERGARDENS</AdrLine>
<AdrLine>TRIQ SANT'ANDRIJA ST. JULIAN'S STJ 9023</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.
Payment schemes and systems
EPC registers of 2026-09-11 · ECB T2 list of 2026-07-02 · ECB TIPS list of 2026-09-01 · SIX Bank Master valid on 2026-09-28
| Scheme or system | Since | Registered with | Note |
|---|---|---|---|
| SEPA Credit TransferISO 20022 messages | 2025-06-02 | Head office | — |
| SEPA Instant Credit TransferISO 20022 messages | 2025-06-02 | Head office | — |
| Verification of Payee | 2025-10-05 | Head office | — |
| TIPS (TARGET Instant Payment Settlement)ISO 20022 messages | — | Head office | — |
SEPA dates are when the institution became ready for the scheme. TIPS entries have no joining date.
An institution missing from T2 may still be reachable through an indirect participant. The ECB’s TIPS list does not separate participants from reachable parties. It includes institutions reachable in Swedish kronor as well as in euro.
“ISO 20022 messages” marks a scheme or system whose rulebook or operator specifies ISO 20022 for messages between participants.
National bank codes
Sort code · Malta
1 code file of 2026-09-29
| Code | Routes to BIC | Name in the national file | City |
|---|---|---|---|
| 39480 | SYPLMTM2XXX | System Pay Services (Malta) Limited | St. Julians |
Each code shows the name in the national file. Smaller banks often route through a central institution’s BIC. A code can therefore belong to a different bank than the one on this page.
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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
- Payment schemes and systems—Source: European Payments Council (EPC) Registers of Participants; matched to BICs by Elucidate. Source: European Central Bank, List of TIPS participants and reachable parties.
- National bank codes—Malta (Source: Central Bank of Malta).
- EBA PSD2 Register—European Banking Authority (EBA) · register ↗ as at 25 September 2026
- ESMA interim MiCA register of crypto-asset service providers—European Securities and Markets Authority (ESMA) · 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; Darran Pienaar: bvnk.com (official website) · original; Jesse Hemson-Struthers: bvnk.com (official website) · original; Chris Halbert: bvnk.com (official website) · original; Phil Doyle: bvnk.com (official website) · original; Tina Meschino: bvnk.com (official website) · original; Donald Jackson: bvnk.com (official website) · original.
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