A compliance-first payments company being built in the open.
Verax Systems Ltd (Company No. 16972520) is an English company based in London. We are pre-authorisation, pre-revenue, and building toward an FCA Small Payment Institution authorisation.
A compliance orchestration layer for regulated cross-border B2B payments.
We build the software that decides whether a payment can be made, screens the parties, captures the evidence, reconciles against the bank's records, and produces a case file a regulator can inspect.
Payment execution itself — SWIFT, SEPA, custody of client funds — is, and will remain, the responsibility of authorised partner institutions.
Not a bank, not a money transmitter, not a crypto-asset service provider.
- ✕We do not hold client money or execute payments.
- ✕We do not offer deposit accounts, IBANs, or virtual accounts.
- ✕We do not buy, sell, or custody crypto-assets on our own balance sheet.
- ✕We are not currently authorised by the FCA under any regime.
Four principles we commit to publicly.
Regulated-first, not regulated-after
Our product is being designed against the FCA Small Payment Institution regime from day one. Policies, controls and systems are drafted before the corresponding code ships.
Never a fund-holder
Verax Systems Ltd does not hold client money. All payment execution and safeguarding will be performed post-authorisation by authorised partner institutions.
Auditable by design
Every compliance decision generates an immutable ledger entry with a 6-year retention window and a cryptographic hash chain — so that, once we are live, regulators can replay any decision.
Narrow initial perimeter
First corridors target mid-market EU importers settling with suppliers in China, Türkiye and the GCC. We are not a retail product, a consumer app, or a crypto exchange.
One named founder. Two senior hires in flight.
Aslan Akhmetov
Aslan is a backend engineer with experience in financial-infrastructure software. He is currently a Senior Backend Developer at Data Monsters (an NVIDIA Elite Partner), where he works on large-scale cloud systems.
Prior to Verax he was a lead backend engineer at a US digital-banking platform processing nine-figure monthly transaction volumes, where he worked on transaction decisioning and automated compliance tooling.
He will stand as the firm's initial Senior Manager (SMF3, CEO function) on authorisation, subject to FCA “fit and proper” assessment. Positions requiring regulatory pre-approval (MLRO SMF17, Compliance Oversight SMF16) are being filled via an active retained search and will be named in the authorisation application.
Want the detailed regulatory pack?
The data room contains our draft Regulatory Business Plan, Programme of Operations, AML Operational Manual, ICAAP, Wind-Down Plan and code-to-control trace matrix. Access is restricted to sophisticated / HNW investors and pre-approved counterparties.