Raphaels and French Fintech In Out-Of-Court Deal Talks
Law360, London (March 31, 2021, 1:53 PM BST) -- Raphaels Bank has entered into settlement talks with a French financial technology company that launched High Court proceedings after the British lender tried to cut ties with the firm citing breaches of France's money transfer regulations.
Master James Brightwell said in a March 29 court order that the dispute between payments company Sogexia SARL and Raphaels Bank will be stayed until the end of April. The order will allow the companies to resolve their differences out of court using alternative dispute resolution.
Sogexia, which started working with Raphaels in 2015, provides cross-border payments and e-money services through pre-paid and debit cards,...
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