Elpaso payment system (England)

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Elpaso payment system (England)

Electronic Payment Solutions Ltd or Elpaso is a British payment system that offers remote account opening, including virtual IBAN and e-wallet. It works with SEPA and SWIFT transfers.

This electronic money institution has been licensed to provide payment services since 2019 and serves both private and corporate clients in 31 countries of the world (European Economic Area).


Types of accounts

Personal, corporate.


The payment system opens accounts only for companies registered in the EU/EEA and Hong Kong (preferably without a nominee service).


Also, accounts are opened for servicing IT and online activities. The companies must have a website.


Elpaso does not serve politically motivated persons (owned by companies), persons on the sanctions list, companies registered in island jurisdictions (except Cyprus) and companies with PO Box.

The cost of opening of the account


(payment system tariff)



Account opening cost:

- for individuals - free;

- for legal entities - 500 EUR.


The cost of opening an account includes the provision of an individual IBAN number in euros.

Representative offices


Management of the account

Online banking.

Payment system tariffs

Account maintenance:

- for individuals - free of charge, with an account balance of up to EUR 100 000;

- for legal entities - from 50 EUR/month, depending on the average monthly account balance.


Incoming and outgoing payments within the ELPASO system - free of charge.


Please note that the payment system serves incoming payments only in euros, outgoing payments are possible in different currencies.


For more details on the tariffs of the payment system, please follow the link.

Terms of opening the account

The procedure of opening the account consists of two stages: the preliminary stage and final stage of opening an account.


The preliminary stage includes the process of collecting and filing your documents which are required for opening an account. The terms of preliminary stage depends wholly on you.


The account is opened within 10-15 working days from the date of submission of all necessary documents in the payment system.


Elpaso payment system follows KYC policy and reserves the right to require additional documents what may lead to account opening term exceeding, as well as refusing of account opening without reasons explanation.


Working languages: Russian, English.

Credit/debit cards

The cards are planned to be issued in the 4th quarter of 2020.

Documents for opening an account

Company documents. Originals of all statutory documents are required. It is also needed:

- Extract from the Register, indicating all data about the company not older than 6 months;

- the ownership structure and extracts from the registers for each level of ownership;

- documents confirming the activities of the company and the origin of funds;

- if a company has an account with another bank, a bank statement for the last 6 months;

- confirmation of the actual address of the company (lease agreement, utility bill, telephone bill) no older than 3 months;

- tax number of the company and shareholders (if any);

- company’s website.


Documents for the account holder:

- original of national passport;

- original of foreign passport;

- original identification code;

- a selfie photo with a passport;

- original of utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence).

Documents for the beneficiary:

- original of national passport;

- original of foreign passport;

- original identification code;

- a selfie photo with a passport;

- original of utility bill (for gas, electricity) from the place of residence no older than 3 months (to prove the place of residence);

- documents confirming the source of income (wealth) of the beneficiary.It can be:

a certificate from the place of work indicating salary and statement of personal account, where payroll is displayed;

tax returns;

documents confirming inheritance;

documents confirming money donation, as well as their availability on accounts;

documents confirming the  presence/sale of real estate/movable property;

if the beneficiary is the founder of the company - documents for the company, extracts from company accounts, tax returns, documents confirming the payment of dividends;

if the beneficiary is a private entrepreneur - extract from the register, tax returns on the entrepreneur, bank statements;

Certificate of deposit from the bank, as well as documents confirming the source of income;

other documents that show sources of income.


The payment system may request additional documents/information during the consideration of an application for opening an account.

The procedure of opening an account

You need to visit our office to fill out a questionnaire, as well as certification of documents for the company, attorney and beneficiary. Next, all documents are sent to the payment system for review and opening an account. No personal visit required.

For further consultation concerning the terms of account opening in Electronic Payment Solutions LTD (England) please contact our office. We will respond to any questions you may have and will help you open an account in English payment system Elpaso or any other bank out of 70 foreign banks you may choose from.