The U.K. Bucks the Business Landscape (XBIZ)

Read the full article by Cathy Beardsley at XBIZ.com

All eyes are on the world’s fifth largest economy as the first quarter heads to an end. After a long and winding road, two major changes are set to shake up Northwest Europe, changes that will impact how business is conducted around the globe.

First and foremost is Brexit, whereby the U.K. leaves the E.U.. Much less hyped, but more specifically relevant to our industry, is the new internet age verification requirement going into effect across the U.K. in mid-April.

We’ve spent many hours preparing for these changes, making sure our merchants remain on solid ground. What does it mean for you and how will these developments impact the industry? Let us break down what you need to know during these transitional times.

Age Verification
There are more than half a billion active websites live on the internet. To visit one featuring adult content or selling adult products, you must yield to an age-verification warning. Most are passive and just ask you to enter your birthdate or check a box before gaining access to the content. This will no longer be sufficient come mid-April when a new age verification law takes effect, impacting all websites accessible from within the U.K.

Brexit
The U.K. is set to exit the E.U. on March 20, 2019. If no deal is made before then, there will be a hard break, with the U.K. on its own, immediately, with no transition period. This signals many changes for payment institutions, impacting processing in the E.U. and U.K. For example, payment service providers will need to have both an E.U. and U.K. setup. U.K. merchants will process through a U.K. acquirer and U.K. payment facilitator, while E.U. merchants will process through an E.U. acquirer and E.U. payment facilitator. To continue with smooth, uninterrupted transactions post-Brexit, companies will be required to have entities in both the E.U. and U.K., with payment institution licenses in both regions.