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LPL Customer FAQ’s

Who are Lumon Pay Ltd?

We (Lumon Pay Ltd) are another company in the same group of companies as Lumon Exchange Ltd. We are an e-money institution authorised by the Financial Conduct Authority (Firm Reference Number 902022) and are a company registered in England with its registered address at 40 Holborn Viaduct, London, EC1N 2PB (Company No 05082565).

Will my log in details change?  

Your username will remain the same, but you will have to reset your password when you log into the platform for the first time.

By the 11 October, you will receive a new portal enrolment message to your registered email address. Within the email will be a unique link inviting you to choose a new password. The link will be active for up to 72 hours.

Please note that you will no longer need your customer number to log in.  

Will my Two-Factor Authenticator (2FA) change? 

If you currently use an authenticator app (such as Microsoft or Google Authenticator), you will be able to continue to use this.

If you currently utilise SMS (text message) for 2FA, this will also continue to be used.

‘One Time Passcode’ via email will no longer be active. If you utilised this option for 2FA and have not previously enrolled for authenticator app or SMS, when you log in to the platform for the first time you will also be asked to enter your mobile phone number. This number will be used to send 2FA requests once login is complete.

Will bank account details be changing as part of the account transfer?

The only change will be the Bank Account Name. Some banks may pick this up automatically – others may require you to update the Bank Account Name to Lumon Pay Ltd.

All other bank account details (Account Numbers, Sort Codes, and IBANs) will remain the same.

To avoid any delays with your payment reaching us please make sure you have updated any payment details to reflect the new Bank Account Name. If not done initially, your payment should still reach us, but it may take slightly longer than normal in some cases.

I currently receive payments from third parties.  Can I continue to do so?

Yes, if you expect to receive funds from a third party i.e. an account not in your name, please contact your Account Manager to discuss the necessary requirements.

If I have a Direct Debit, will this change?

Direct Debits will remain the same, but you will see a name change on your bank statement.

What changes will I notice?

We’re confident that you won’t notice many differences in the way in which we operate. Besides some of the changes mentioned above, your account has been transferred to a business which is an e-money institution. A benefit of this is that you will be able to hold balances in multiple currencies. You will also be able to hold a balance with us, and instruct regular payments, or market order transactions using these balances. 

We’ve also taken several steps to minimise any impact of the account transfer:

  • Your Account Manager remains the same.
  • All existing foreign exchange contracts and transactions will continue to run as agreed
  • Any funds or balances you hold will be transferred to your new e-money account
  • If you have a credit agreement, this transfers on the same terms
  • Email confirmations can be directed to one or all users on the system, not just solely the individual who has keyed in the payment.

What changes will I notice as a customer who calls in to perform a transaction?

You will still be able to call the usual number and speak to the same Account Manager.

What will happen to my saved beneficiaries? 

Any beneficiary which you have made a payment to in the last 24 months has been transferred across to our new platform.  

Can I still access my historic payments and run reports?  

We can provide you with a report of historic payments if needed. Please contact your Account Manager for more information.

Will my Account Manager remain the same?  

Yes, your Account Manager and the way you contact them will remain the same.

How do you protect my money?

Protecting your money is our highest priority; we do this through a process called safeguarding. Further information can be found here.

Will my Terms and Conditions change?

With the transfer of your account having taken place, you are now a customer of Lumon Pay Ltd. This means that our relationship and all transactions you perform now take place under Lumon Pay Ltd’s Terms and Conditions.

These Terms and Conditions differ to the ones previously in force, so it is important you read and understand them. If you have not already done so, we strongly encourage you to view these here.

In particular, we would like to draw your attention to the following clauses:

  • Clause 6, which provides information on your e-money account.
  • Clause 9, which provides general information on foreign exchange transactions.
  • Clauses 13, 18 and 25, which set out our liability to you.
  • Clause 14, which concerns making payments.
  • Clause 21, which provides information about how we safeguard your money.
  • Clause 24, which concerns the use of our online portal and website.
  • Clause 30, which concerns termination.
  • Schedule 1, which sets out the charges we may levy for payments.

Are you providing any demos or providing any supporting materials?

We would be more then happy to do a demo with you if you feel its needed, however we ran webinars last week for all customers, which is available here.

You can also access our user guide from our website.