Re-branding Simplex Banking to Nuvei Accounts FAQs

Simplex Banking is now Nuvei Accounts.

This name change reflects our expanded focus in offering embedded financial products on one unified global platform. Clients may still see Simplex in some areas of the user experience. We appreciate your patience as we transition our platform to serve you better.
For more information please refer to the FAQs below.

• What is Simplex?

Simplex is an EU-licensed financial institution and a Level 1 Service Provider, empowering the digital asset industry with a full payment infrastructure. In September 2021, Nuvei, a leading global payment technology provider, acquired Simplex, to enhance and expand the company’s growing product suite, ultimately reducing complexity for merchants and consumers.

• What are Nuvei Accounts?

Nuvei Business Account: A business Nuvei account is opened in the name of the company and is used for corporate transactions with suppliers, partners and customers, as well as for purchases, bill payments etc. It also has a variety of additional functionalities, such as reporting, audit, salary payouts and bookkeeping. Such accounts operate similarly to personal ones, however, business account holders can access services that are unavailable to private clients.

Nuvei Personal Account: A personal Nuvei account is an account dedicated to the management of an individual’s personal finances. Usually, personal accounts are used for payments, transfers, expense tracking, salary crediting, and other routine financial operations. Such accounts work similarly to bank accounts and deliver the same functionality in a convenient, user-friendly interface.

• Why is Simplex Banking now called Nuvei Accounts?

In September 2021, Nuvei, a leading global payment technology provider, acquired Simplex, offering partners a greater suite of fintech solutions to make digital assets even more accessible to all. The acquisition provided Nuvei with an electronic money institution (EMI) license to offer IBAN accounts to end users and corporations. This rebranding is part of the integration of Simplex services into Nuvei’s product suite.

• Why does Nuvei Accounts issue Simplex cards?

Customers cannot currently order Nuvei cards, but are able to order Simplex cards through Nuvei Accounts platform.

• Will I be able to continue using my existing Simplex card?

Yes. Previously issued Simplex cards will continue working – unless we get a specific requirement from the regulator to disable those. In this case, you will receive an update from our team ahead of any such change.

• Why do I receive verification codes from Simplex while trying to use Nuvei Accounts?

Due to technical limitations, it is not yet possible to switch the security communications you receive from Simplex brand to Nuvei. Customers using Nuvei Accounts will receive verification codes from Simplex.

• Will my IBAN change after Simplex rebranding to Nuvei Accounts?

Your IBAN will remain the same, and you will be able to use it as before. The change will only be reflected in the bank details where the company legal name will state UAB Nuvei.

• Will I be able to use my old IBAN?

Yes, you will be able to use the old IBAN.

• Why do I see Simplex and not Nuvei as the Beneficiary Bank when I am trying to book a new transaction?
  

Simplex will be stated as Beneficiary Bank until the bank BIC/SWIFT catalogs are updated. This process is not controlled by Simplex/Nuvei and can take from a few weeks to a few months.

• How will the service and fees change after rebranding?

The rebranding will not affect the service, or the fees charged for using it.