• Trading Name: ZIPP
• Legal Entity: CFS ZIPP Limited
• Activities: E-Money Institution (EMI)
• Location: UK
• Regulations: FCA-regulated EMI with Ref No: 900027

• Key People:
• Srinivas Venkatesh
• Uma Venkatesh
• Iranda Gunapala
• Ganesh Vaidhyanathan

Regulatory Status:

CCFS ZIPP Limited, operating as an FCA-regulated E-Money Institution (EMI) with the reference number 900027, owned by Dr. Srinivas Venkatesh, is currently under investigation for potential regulatory breaches. The institution faces significant restrictions imposed by the Financial Conduct Authority (FCA), limiting its activities related to accepting new funds and onboarding new agents or customers without prior written consent.

Offerings:

ZIPP, operated by CFS-Zipp, is a leading provider of electronic money services, offering “E-Money in a Box,” an all-in-one regulated solution. Key features include SEPA Payments, SWIFT Payments, and FX services allowing users to hold funds in multiple currencies.

Positioning:

CFS-Zipp positions itself as an EMD Agent fully compliant with FCA regulations, providing services such as merchant solutions, e-wallets, e-vouchers, card issuing, and payment processing.

Target Audience:

CFS-Zipp invites companies to engage if they are based in or looking to set up in the UK, involved in providing e-money and/or payment services, in need of card services and requiring a BIN sponsor, and have robust compliance policies to combat fraud and money laundering.

Restrictions:

CFS ZIPP Limited is currently restricted by the FCA from accepting new funds and onboarding new agents or customers without prior written consent.

International Legal Issues:

Allegations and legal problems have surfaced in other jurisdictions, particularly in Cyprus, where the CFS-ZIPP agent Zafira Trading Ltd is reportedly facing client-related problems. There are also claims that CFS-ZIPP owes €5.5 million to RPM Malta.

Additional Information:

• CFS-ZIPP provides technology and compliance services for financial service providers.
• There are a dozen agents working for CFS-ZIPP on the FCA Register.

Customer Review

Google:4,7 Stars with 50 Reviews

Conclusion:

Due to the regulatory challenges with the FCA, as well as the legal issues mentioned, ZIPP is downgraded to RED.