The essential in brief:

• Acquisition of the European payment services license: Payrexx AG from Switzerland is well on the way to obtaining a European Payment Institution License (PI). An important step for this was the establishment of Payrexx Europe AG based in Liechtenstein.

• Strong leadership team: With Gerhard Häring and Helmut Bahamon, two experienced finance and compliance experts are at the helm of the new company.

• Technology remains in Switzerland: Development and optimization of the software will continue in Thun – sales in Europe will be managed from Vaduz in the future.

Gerhard Häring and Helmut Bahamon are still standing on the shore of Lake Thun, where Payrexx has been based for exactly ten years. However, in the future, they will be active in Liechtenstein and manage the new Payrexx Europe AG from Vaduz. In July, the first wholly-owned subsidiary of Payrexx AG was officially founded.

«With Payrexx Europe AG, we want to specifically tap into the European market, especially the neighboring regions like Germany and Austria», explains Ivan Schmid, CEO of Payrexx AG. «The goal is to establish our innovative all-in-one payment solution throughout the European Economic Area (EEA).»

Until then, there is still a lot to be done. «We are currently deep in paperwork», says Gerhard Häring, CEO of the new company. Because although Thun and Liechtenstein are culturally almost identical – both surrounded by mountains, both crowned by a castle, both with similarly sized populations – the devil is in the details. «Especially when it comes to the legal subtleties, we have to look closely.»

This becomes apparent when acquiring the permission necessary to operate a payment institution. Obtaining this so-called Payment Institution License (PI) is very laborious, explains Helmut Bahamon, Senior Compliance Officer of Payrexx Europe AG: «But we are on a good path!» After half a year of work, a preliminary application was submitted to the Financial Market Authority in June. A more detailed examination and the final revision are still pending, but if everything goes well, Payrexx Europe AG could still celebrate definitive licensing this year.

Liechtenstein as the perfect starting point for expansion

In the past ten years, Payrexx has established itself as a payment provider, especially among Swiss SMEs. The solution is designed to provide merchants with everything they need to get their business online. Anyone who already has an online shop can easily connect Payrexx to it and offer their customers all popular payment methods – regardless of whether it's TWINT, Mastercard, Visa, PostFinance Pay, Apple Pay, or Google Pay. And those who don't have an online shop yet can directly use Payrexx's sales tools to create simple donation forms, sales pages, or payment links. Additionally, Payrexx is currently also breaking into the POS sector, for example, with the new payment app Tap to Pay and the upcoming card readers.

«The product is mature», summarizes Helmut Bahamon, «now we just have to present it to the European Economic Area.» Liechtenstein is the perfect starting point: Geographically, the principality lies between Switzerland and Austria, and also shares similarities in language and legislation. Furthermore, with an authorization in Liechtenstein, thanks to the freedom to provide services and establishment, you can operate throughout the EEA. That's why the state is an attractive location for payment service providers or e-money institutions to operate across Europe. «With Liechtenstein, we get the best of both worlds», adds Gerhard Häring, «so to speak, the Swiss chocolate bar and the Weggli.»

Swiss quality combined with global knowledge

With their years of experience in the financial market, the two prove to be ideal personalities to take this step together with Payrexx AG. The 62-year-old Gerhard Häring brings experience from both the IT sector and the banking industry. In his previous roles for various international banks and consulting mandates, the native of Basel has worked in many corners of the world. The 35-year-old Helmut Bahamon, in contrast, was born in Moscow, grew up in Spain, and lived for a long time in Munich. Before Payrexx, he worked in both the automotive industry and the banking sector. The duo is not only professionally proficient but also globally oriented.

«We are very pleased to have such a capable, innovative, and forward-looking duo as Gerhard and Helmut at the helm of Payrexx Europe AG. Together they will shape the future of Payrexx and best represent our vision», says Ivan Schmid, CEO and founder of Payrexx. He himself will serve on the board of Payrexx Europe AG in the future, along with Michael Müller and Thomas Feldkircher.

Their presence ensures that the valuable knowledge about the payment industry, which has been gathered in Thun over the past years, is transferred as best as possible to Liechtenstein and all neighboring regions. In Vaduz, the focus will ultimately be on distributing and marketing the product: Once the PI license is secured, more sales employees will be hired and the adjacent market will be actively targeted. However, the software itself will continue to be developed and optimized in Switzerland. Or, as the Liechtenstein duo puts it: «From Thun for the world!»