Paxum: EFT to Australian bank accounts now impossible
 

Just a warning to Aussie webmasters that Paxum have stopped EFT withdrawals to Australian bank accounts.

I did notice that they've gone through a couple of different third party money movers in the past few months, based on the descriptor in my statement:

3 Oct: RTGS HIGH VALUE PAYMENT REF NO xxxxx 1/Mifinity UK Lim DEK-CO (UK) LTD payout

15 Sep: DEPOSIT CITADEL COMMERCE xxxxx

I wasn't sure whether the change was simple risk management, spreading transactions over multiple money moving companies, or whether the change was because they had been dumped by Citadel... I guess now it seems it's the latter.

I'm starting to wonder whether these third party companies even know they're doing business with an adult processor.

The whole setup just screams dodgy. Things haven't improved since the days of epass.

Not sure is there any aussie webmasters left beside you :D

A couple of thirty-something bogans who've never been swooped by a magpie? LIES

:2 cents:

The other odd thing is that the Paxum website is now showing potential EFT withdrawals to only two currencies: EUR (34 countries) and USD (1 country)

I looked up both the companies in the descriptors from my statement, and they are global rather than specifically for Australia, so losing them may affect EFT in a lot more countries...

Not an odd things, it's simply too much hassle to cover outside EU area. For example, skrill card used to be available worldwide,but now it's only for EU countries.

I've also found it a little odd/concerning when whenever I wire fund to Paxum, more often than not, they have different bank details.

Those dastardly regulators, changing the goal posts of a good honest business like Paxum...

Just went with a wire withdraw (the only option I have to get my money right now) and the receipt says Paydek -> https://www.paydek.com/

Paxum really are just 'middle men', shuffling funds between bigger companies...

That's fine, but the odd part is that the extra currencies/countries have been removed without any notice, which seems to suggest that a business arrangement with a third party money mover has been abruptly terminated.

If this was fully legit then Paxum would have given plenty of notice and allowed their customers to make other arrangements.

Maybe - but Paydek have a fee structure which is exactly the same as Paxum's:
https://www.paydek.com/fees/personal-account/

I bet $5 that there is more than some collaboration...

That site has zero traffic according to my tools.

Hey, well spotted. I just assumed Paydek was a big and established company (it's late). Very interesting.

For a company that's been around for 7 years there seems to be very few Google results for paydek, but there's an interesting trail that leads to a cryptocurrency ICO (Initial Coin Offering, basically similar to fund raising like a stock IPO) which will start in about a week and ultimately hopes to raise up to 50 million US dollars:

Reference from Adonis Samartzis @ paydek -> http://epaysuite.com/wp-content/them...any/paydek.pdf

Nebeus "Nebeus is a cryptocurrency platform bringing together cryptocurrency opportunities and a standard bank service." -> NEBEUS Crypto Platform for P2P Banking Services Launches ICO

Adonis Samartzis is listed on the Nebeus team: -> Nebeus ICO – En-gl – Nebeus ICO

Not sure how or if this is related to Paxum, I got a bit sidetracked. :1orglaugh

It sucks and has been trouble for a long time.

This is why I am only doing ACH, checks and bank wires.
Maybe, I will be able to deal direct with EFT/SEPA soon.

Hate to say it, but the more restrictive money transfers become, the better I may be able to work with some FinTech ideas I have.

I wonder if these problems are just affecting Porn (adult) or is about AML and shady financing in general.