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Monday, December 17, 2018

Brexit - what you need to know

We know that many of our customers are assessing the impact of Brexit and what will happen after the United Kingdom (UK) leaves the European Union (EU).

 

Elavon Financial Services DAC (“Elavon”) has put a Brexit Programme Office in place to continue to provide a robust service proposition to our UK and international-based customers after Brexit. We also encourage our customers to review information published by UK and EU governments as well as industry bodies, so they fully consider the impacts of Brexit and prepare accordingly.

What is Brexit?

The UK is due to leave the EU on 29 March 2019. Currently, UK firms have passporting rights to conduct business with the EU as part of the Single Market. Under Brexit, UK firms are due to lose these rights unless an agreement can be negotiated between the UK and the EU. For more information on Brexit, please visit some helpful websites:

 

UK:

EEA:

Brexit is a complex process. Many different scenarios predict how Brexit will impact the financial services industry as well as the movement of people, goods and services, and capital. Furthermore, the UK and EU may agree to a transition agreement to delay or mitigate the immediate impacts of Brexit.

What preparations is Elavon making for Brexit? 

Elavon is committed to providing uninterrupted services to all our customers during and after the withdrawal process. Elavon is licensed by the Central Bank of Ireland and has passporting rights into all EU/EEA countries including our branches in Germany, Poland, Spain, Belgium and Norway as well as the UK.  For the UK, should it be necessary, we plan to operate our business as a “third-country” branch to maintain service to our UK customers post-Brexit.  

 

Our Brexit team will continue to monitor developments in the UK/EU Brexit negotiation process and  assess potential impacts on our ability to provide of products and services. We have also developed plans to ensure operational continuity as changing Brexit scenarios emerge.

What are Elavon’s contingency plans? 

Elavon has prepared for the most likely Brexit outcomes including a “Hard Brexit” scenario where no deal is reached with the EU Member States. This comprehensive plan covers impacts to such areas as risk management, customer engagement, internal governance, contracts, taxation, data governance, outsourcing, and our staff. Our Brexit plan will be phased in as required in the months preceding Brexit to ensure uninterrupted customer operations.

What aspects of my relationship with Elavon are likely to be impacted by Brexit with consideration given to legal, settlement, processing and cost implications? 

Based on our assessment to date and in interactions with card associations and other partners, we do not anticipate that there will be material changes in how we engage with or provide services to our customers based solely or operating between the UK and the EU.

 

We continue to monitor developments and assess these for the potential impact on our operations during the ongoing Brexit negotiation period. If and when material changes are identified, we will advise customers as required on a case-by-case basis.   

What is your communication plan as we draw closer to March 29, 2019?

Elavon will provide information to our customers on our Brexit plans and any material changes to operations and contracts using the Elavon.co.uk website, through statement messages, by email as well as through our Account Managers.

When will your customer-facing Brexit changes take effect?

It is anticipated that any required customer-facing changes will take effect either (on a ‘no deal’ assumption) by March 29, 2019, or during any transitional period agreed between the UK and the EU In the individual cases where changes are anticipated, we plan to engage with the impacted customer as soon as possible to ensure sufficient lead time for implementation.

Given the Brexit political process is dynamic and is still ongoing, when will I need to act to adapt to your proposed operating model?

We advise that customers should begin their own Brexit business continuity planning process as soon as possible to ensure adequate preparation. The vast majority of customers will not experience any material changes in our engagement due to Brexit. In the individual cases where changes are anticipated, we plan to engage with the impacted customers as soon as possible to ensure that they have sufficient lead time for response and preparation.

Could a transitional agreement deal be agreed between the EU and UK that enables current transactions and customer relationships to continue?

It is our understanding that a transitional agreement deal may be agreed that enables the continuation of  transactions and customer relationships in their current state. In the cases where contract continuity forms part of the agreed withdrawal deal between the UK and the EU, we will seek to avail these to minimise impacts to our customers.

How will Brexit impact my contract with Elavon?

The vast majority of customers will not experience any material changes in our engagement, operations or their contract due to Brexit.  All Elavon customers are contracted with Elavon Financial Services DAC, irrespective of location. In the individual cases where customer relationships may be impacted by Brexit, we plan to engage with our customers as soon as possible to ensure sufficient lead time for response.

How will Brexit impact my invoicing and Value Added Tax (VAT) rate?

Again, most of our customers will not experience any changes to their invoicing or VAT rate.  In the individual cases where invoicing and the VAT rate may be impacted by Brexit, we plan to engage with our customers as soon as possible so they have adequate time for responding.  

How will Elavon ensure my data is protected?

Elavon will continue to collect, use, share, and keep your data as set out in Elavon Financial Service’s Privacy Statement which is compliant with the EU’s General Data Protection Regulation. Our processes enable data to be transferred both legally in and outside the EEA. Whilst, we do not expect to change these processes in the short-term due to Brexit, we will continue to monitor any divergence in data protection laws between the UK and EU and ensure compliance with all relevant laws. Regardless of where we process your information, we will take appropriate steps to ensure an adequate level of protection for your data.

Where can I direct further questions on Brexit?

Further enquiries on Brexit can be emailed to:

Brexit.enquiries@elavon.com

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