Why Vixio is SumUp’s Go-to Source for Payments Compliance Intelligence ‍

‍SumUp, a global financial technology company that provides innovative tools to help businesses around the world thrive, has to manage compliance and licensing requirements across the globe. Facing the challenge of understanding and monitoring various regulatory changes across jurisdictions that could affect their licensing and business, with a finite amount of time and resources, SumUp needed a solution to ensure they never missed an update. 

As a SumUp Senior Compliance Manager, Alexandros Genetakis, navigates a complex landscape of regulatory requirements. “My role involves managing various licences, and one of the biggest challenges is addressing the diverse requirements from different jurisdictions. And this is how Vixio can be helpful, as managing compliance for a multinational company can be incredibly challenging.”

When looking for information on regulatory updates, Alex relies on Vixio PaymentsCompliance; “When I need to research specific legislation in a jurisdiction where we don't yet hold a licence, Vixio is my go-to resource.” 

We sat down with Alex to find out exactly why Vixio is his first source for payments regulation intelligence. 

1) Digestible, applicable updates 

First, Alex explained that Vixio’s PaymentsCompliance platform is intuitive and easy to use, and explains updates in a digestible, relatable way. 

“In today's rapidly evolving regulatory landscape, keeping up with constant updates and shifting requirements can be overwhelming. It's good to have a source that translates requirements and offers them to people like myself in a digestible, user-friendly way.”

- Alexandros Genetakis, Senior Compliance Manager, SumUp

Vixio also provides applications for the updates, which are especially useful for the team at SumUp. “[Vixio] not only provides the latest industry updates, but it also provides insightful interpretations to clarify the reasons behind these changes. I appreciate their proactive approach in engaging with industry players to gather insights on new or evolving pieces of legislation.” 

2) Broad, multi-jurisdictional content, with deep insights 

Additionally, SumUp chooses Vixio PaymentsCompliance for its broad coverage, with over 160 different jurisdictions included, while providing deep insight into the payments coverage in each region. “I read the daily updates and insights, typically two or three articles per day, and the content is exceptional.”

"I believe it's the content of the platform that keeps people there because there is a lot of value, and the Vixio team covers a lot of different jurisdictions globally. The information is up to date, and insights on a local level are highly detailed. This brings great value to companies that have a multinational presence.”

- Alexandros Genetakis, Senior Compliance Manager, SumUp

When asked what differentiates Vixio PaymentsCompliance, Alex explained, “I would say that the difference lies in the fact that Vixio is 100% payments focused. Other sources were using a broader scope, and they're covering other topics, which of course, doesn't give them the opportunity to delve into the specifics.”

3) Business-friendly language, that makes internal communication straightforward

Finally, SumUp needs to be able to communicate those updates internally to product managers, engineers, developers, and executives, each of whom needs to understand the different moving parts of licensing requirements. 

“We are a tech company with different teams working on diverse product directions, and I interact with those teams daily. So, one of my ongoing challenges is explaining the requirements to the business.”

- Alexandros Genetakis, Senior Compliance Manager, SumUp

Vixio helps him do this by providing simple language. “I appreciate when requirements are communicated in a business-friendly language. And I believe that this is a statement I keep repeating: compliance is not inherently difficult, but you need to translate it into the right language. And the right language requires a deep understanding of the product that needs to be compliant.”

That’s why Alex would recommend Vixio to businesses of any size that are in the payments space; “for any payments company looking to establish itself in a market and expand, I would recommend Vixio for sure. I would recommend it also for well established companies, because if an organisation is big, things can get very chaotic and important things can be easily missed, because sometimes there are no clear boundaries, or there is no clear accountability. I would also recommend Vixio not only for a new company that wants to get in the payments field.”

In conclusion, Vixio PaymentsCompliance has proven to be an indispensable resource for SumUp, facilitating their navigation of complex regulatory landscapes across multiple jurisdictions. The intuitive platform, with its digestible and actionable updates, ensures that SumUp’s compliance team remains informed and effective. Vixio’s comprehensive coverage and deep insights into over 160 jurisdictions allow SumUp to stay ahead of regulatory changes, while the business-friendly language of Vixio’s updates aids in internal communication across diverse teams. As SumUp continues to expand and innovate, Vixio remains their trusted source for compliance intelligence, supporting their mission to empower small businesses globally.