Association of Foreign Exchange and Payment Companies

What Association of Foreign Exchange and Payment Companies does

The Association of Foreign Exchange and Payment Companies (AFEP) is a UK-based non-profit trade association founded in 2012 that serves as the recognized representative body for Authorised Payment Institutions (APIs), E-Money Institutions (EMIs), and Investment Firms operating in the Foreign Exchange sector across the European Economic Area. Headquartered in London, AFEP's core offering is a tiered membership program (Full, Advisory, Banking, and Associate tiers) running annually from 1 October to 30 September, generating recurring subscription revenue from approximately 60+ member firms including Barclays, Moneycorp, Ebury, Currencies Direct, World First UK, AFEX, Argentex, and Currency Cloud.

The association delivers value through four principal product lines: (1) a portfolio of Good Practice Guidance documents covering Safeguarding, Capital Liquidity Requirements, AML, Customer Communications, Risk Management, and Corporate Governance, co-developed with member firms and external advisors such as Dentons, EY, Risk Shapes, and fscom; (2) the Luci Fraud Management System, a fraud monitoring platform built in partnership with Bridgetech Group that enables encrypted cross-member intelligence sharing for KYC and onboarding checks; (3) a secure members' portal providing regulatory updates, fraud alerts, and member directory access; and (4) recurring events including a Fin Crime Conference, Strategic FX Conference, Consumer Duty conferences, and ad hoc roundtables with the FCA and Met Police. The technology stack is centered on a Webflow-hosted website (afep.co.uk) and a secure member portal rather than public-facing APIs or developer-facing platforms.

Commercially, AFEP operates as a membership-funded trade body with pricing not publicly disclosed (prospective members must contact via email). Its go-to-market is primarily direct, relying on website enrollment, industry referrals, and the credibility conferred by its established regulator relationships with the FCA, HMRC, Met Police, and Financial Ombudsman Service. Governance is provided through a Strategic Board of CEO-level representatives, a Risk and Compliance Executive Committee comprising Heads of Compliance and MLROs, and a CFO working group — embedding member firms into leadership and policy output.

Name

Association of Foreign Exchange and Payment Companies

Legal name

The Association of Foreign Exchange and Payment Companies

Website

https://afep.co.uk

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

AFEP is a UK non-profit trade association founded in 2012 that represents Authorised Payment Institutions, E-Money Institutions, and Investment Firms in the FX and payments sector. It serves 60+ member firms via tiered memberships, Good Practice Guidance, the Luci fraud intelligence platform, and regulatory liaison with the FCA and HMRC.

Ownership category

akta.pro rank

Product category

Trade Association Services

NAICS

Business Associations (813910)

SIC

Services-Membership Organizations (8600)

akta.pro industry

PRIMARYBPAHAFAL

Fraud Risk Management & Anti-Bribery/Anti-Corruption (ABAC)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/Risk, Compliance & Governance Advisory

Keywords

• Trade association services
• Regulatory compliance guidance
• Fraud management systems
• Payment industry advocacy
• FX industry standards

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Membership Fees: AFEP generates revenue through annual membership fees from four tiers: Full Members (APIs, EMIs, Investment firms), Advisory Members (consultants, lawyers, accountants), Banking Members, and Associate Members (IT systems or insurance providers). Membership runs from 1st October through 30th September annually.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

AFEP is a non-profit trade association that provides membership services, regulatory advocacy, Good Practice Guidance, and a fraud management system (Luci) for Authorised Payment Institutions, E-Money Institutions, and Investment Firms operating in the EEA. Members receive timely regulatory updates, access to guidance documents on safeguarding and AML, networking events, and the ability to participate in industry consultations with regulators.

Product overview

AFEP is a non-profit trade association, not a product company. Its offerings consist of membership services, the Luci Fraud Management System (developed with Bridgetech Group), Good Practice Guidance documents, and an online members portal. The four membership types are Full Membership for APIs/EMIs/Investment Firms, Advisory Membership, Banking Membership, and Associate Membership. The Luci system is a shared fraud monitoring tool exclusive to AFEP members that enables encrypted information sharing for KYC and onboarding checks.

Differentiator

Problem solved

Functional benefit

Brands

• Luci: AFEP Fraud Management System - a fully encrypted and secure method for the sharing and comparing of confidential information to help member firms check the legitimacy of new account openings during KYC and onboarding checks.

Products and services

• AFEP Membership Services Membership program offering four tiers: Full Membership for APIs/EMIs/Investment Firms, Advisory Membership for consultants/lawyers/accountants, Banking Membership, and Associate Membership for IT systems or insurance providers. Membership runs from 1st October to 30th September annually.
• Luci Fraud Management System A fully encrypted fraud monitoring and information-sharing platform that enables AFEP member firms to share and compare confidential information to check the legitimacy of new account openings during KYC and onboarding checks.
• Good Practice Guidance Comprehensive guidance documents covering Safeguarding, Capital Liquidity Requirements, AML Risk Assessments, Customer Interest and Conflicts of Interest, Customer Communications, Risk Management, and Corporate Governance for FX and payment service firms.
• Members Area Portal Secure online portal providing access to Good Practice Guidance, member events, Financial Crime and AML resources, Regulatory Compliance materials, Fraud Alerts, and Member Directory.
• Events and Conferences Regular meetings, round tables, webinars, annual FinCrime Conference, Strategic FX Conference, and Consumer Duty conferences providing networking and CPD opportunities for members, with insights from regulators including the FCA and Met Police.

Named customers10 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature1 record

Partnerships

16 partnerships are on record, tiered core and minor.

• Bridgetech GroupcoreTechnology or Integration · 4 May 2021Bridgetech Group served as the technology partner in developing the Luci Fraud Management System, a secure fraud monitoring platform for AFEP members. Kevin Clark and Matthew Porter from Bridgetech led the technical development.
• Shapes FirstminorStrategic or Co-development Partner · 4 May 2021Shapes First collaborated with AFEP on launching the Good Practice Guidance on Financial Risk Management.
• Financial Conduct Authority (FCA)coreStrategic or Co-development PartnerAFEP works closely with the FCA as a representative body for payment companies, liaising on important legislative matters and regulatory developments affecting APIs, EMIs, and Investment Firms.
• HM Revenue and Customs (HMRC)coreStrategic or Co-development PartnerAFEP maintains an established relationship with HMRC on regulatory and compliance matters affecting the FX and payment services industry.
• Met PolicecoreStrategic or Co-development PartnerAFEP has built an excellent relationship with the Met Police, working together on financial crime prevention and industry security matters.
• Financial Ombudsman Service (FOS)coreStrategic or Co-development PartnerAFEP works closely with FOS on behalf of members to understand and address consumer complaint trends and regulatory expectations.
• UK FinanceminorStrategic or Co-development PartnerAFEP worked with UK Finance through Munish Trehan to develop guidance on access to payment account services.
• DentonsminorImplementation/ SI/ Consulting PartnerCraig Neilson from Dentons collaborated with AFEP to update the Good Practice Guidance on Corporate Governance.
• Ernst & Young (EY)minorImplementation/ SI/ Consulting PartnerEY hosted AFEP for discussions on Safeguarding topics. Joseph Thomas and EY contributed to updated Safeguarding Good Practice guidance.
• Global Reach PartnersminorImplementation/ SI/ Consulting PartnerEvan McGookin from Global Reach Partners contributed to updating AFEP's AML Good Practice Guidance.
• Currency SolutionsminorImplementation/ SI/ Consulting PartnerKonstantinos Vogiatzis from Currency Solutions contributed to updating AFEP's AML Good Practice Guidance.
• Risk ShapesminorImplementation/ SI/ Consulting PartnerSimon Tweddle and the Risk Shapes team contributed to updating AFEP's AML Good Practice Guidance and hosted webinars on Wind Down Plans.
• fscomminorImplementation/ SI/ Consulting PartnerJamie Cooke from fscom contributed expertise and knowledge to AFEP's consultation responses. fscom also offered free webinars to AFEP members.
• Creed SolicitorsminorImplementation/ SI/ Consulting PartnerRichard Creed from Creed Solicitors contributed experience and knowledge to AFEP's consultation response documents.
• BarclaysminorStrategic or Co-development PartnerBarclays provided AFEP members with insights on FX trends, financial crime risks, and payment impacts through webinar sessions. Speakers included Joe Lukens, Karen Blunden, Adrian Preuth, and Maarten Lossie.
• UK FinanceminorStrategic or Co-development PartnerAFEP worked with UK Finance to develop guidance on access to payment account services, aimed at both credit institutions and applicants seeking such accounts.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• UK Finance: The largest UK trade association for the banking and financial services sector. AFEP already co-develops guidance with UK Finance and overlaps materially on payment-account access and FX policy — UK Finance is the closest direct counterpart operating at broader scale.
• European Banking Federation (EBF): The voice of the European banking sector at EU level, engaging with the European Commission, ECB, and EBA. Comparable to AFEP as a representative body for regulated financial institutions engaged on payment services and AML policy.
• Wolfsberg Group: An association of global banks focused on anti-money-laundering, KYC, and financial-crime prevention frameworks. Comparable in its AML/fraud guidance remit to AFEP's Good Practice Guidance and Luci fraud-sharing agenda, though operating globally rather than UK-focused.

Direct peers

• The Payments Association: UK-headquartered industry body for the payments ecosystem, covering merchants, PSPs, and fintechs. It competes for the same members as AFEP and pursues a similar agenda of regulatory influence and industry standards across payments.
• Electronic Money Association (EMA): Trade body representing e-money and payment institutions across Europe. EMA is AFEP's closest functional peer at the EEA level, covering a near-identical member type (EMIs/APIs) with parallel regulatory liaison and AML/fraud agendas.

Regional players

• Finance & Leasing Association (FLA): UK trade association for the consumer and asset finance industry. Functionally analogous to AFEP as a non-profit membership body serving regulated financial firms in the UK, providing industry guidance and regulatory engagement.

Emerging players

• Innovate Finance: UK membership organisation for the fintech sector, providing policy advocacy, networking, and research. Comparable to AFEP in targeting UK-regulated fintech firms and engaging regulators on behalf of members, though at a broader fintech remit.

Others

• PCI Security Standards Council: Industry body that maintains payment-card industry security standards. Comparable to AFEP as a payments-industry standards-setting and member-funded organisation, though focused on card security rather than payment-institution regulation.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/association-of-foreign-exchange-and-payments

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Association of Foreign Exchange and Payment Companies