A fully managed end-to-end service
EMI/E-money License
Company Formation
Safeguarding bank account
Authorised Payment Institution (API) Ireland
Enabling you to gain access to 512 million consumers across Europe and offering payment services, including, payment accounts, payment processing, merchant acquiring and money transfer services.
INTRODUCTION
Payments regulation is changing in Europe. With this change, it is creating new opportunities for payment service providers. The second payment service directive (PSD2) responds to the evolving demands of customers.
The European payments market size is substantial and growing continually. For example, the European remittance market size is over €120 billion. The total amount of non cash payments in Europe increased to over 122 billion in 2016. The total number of payment cards grew to over 1.5 billion in 2016. In relation to card transactions, in 2017, the 45 largest merchant acquirers in Europe processed 67.5 billion payments, from 10 million merchants, valued at €2.4 trillion.
Get in touch
Please provide your details below or alternatively, call us on 0207 866 2512 or email us at info@buckinghamcapitalconsulting.co.uk
HOW WE CAN HELP YOU
Licencing (Authorisation)
End-to-end authorised payment institution (API) licence application preparation. Full management of communication with the regulator until your licence has been issued.
Obtaining banking facilities
From helping you obtain safeguarding banking facilities to issuing cards and virtual IBANs, our service has your customer's needs in mind.
Full compliance support
We focus on your compliance so you can focus on your business and its growth. We offer 2 levels of compliance support packages to support you in areas including risk, compliance and auditing.
Full consulting support
Our partnership with you extends to consulting services, including legal, accounting, recruitment, business development, product development and market strategy.
OUR API LICENCING PROCESS. STEP BY STEP
Step 1
Assessment & Suitability
We listen to you to understand your business, your customers and your requirements.
Step 2
Planning & Execution
We advise you on business requirements and agree a course of action. We advise you on your regulatory requirements, fees and timescales involved. We also offer a fast-track service.
Step 3
Application preparation
We work closely with you in understanding your organisation and its processes. We project manage your application. Finally, we help you to submit your application.
Step 4
Application Approval & Licence is issued
We hear back from the regulator who may have further questions. We prepare the response and manage communication on your behalf. Your application is approved and licence issued.
PAYMENT SERVICES YOU CAN OFFER
Payment banking accounts
Money remittance
Payment processing
Merchant acquiring
Payment & Account Initiation
OUR APPROACH
Our service extends beyond licencing and compliance. We spend significant time understanding our clients, their culture, ambitions and roadmap. We understand where they are and where they want to be and achieve. We help them achieve this transition. In addition to our above services, we help our clients with related and third-party services, to enable them to offer payment services smoothly.
With our authorised payment institution (API) licence authorisation service, we will discuss your requirements and the payment services you wish to offer. We will assess your business model, directors and senior management team, their experience and suitability as well as your governance (risk & compliance), operations, structure, business model and viability, to ensure that you will meet the regulator's requirements. Following our assessment, we will provide you with a realistic and honest assessment on application strength, as well as making our recommendations.
The authorised payment institution (API) requires careful planning and in-depth preparation. A large amount of documents are required to be drafted for the authorised payment institution (API) application, including a business plan, programme of operations, risk and compliance policy and framework, security procedures and policies, anti-money laundering etc. We are able to help you prepare all the required policies, procedures, and documents to ensure you achieve authorisation and avoid any delays in doing so.
FREE INITIAL CONSULTATION
1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
3. Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider. This includes, execution of direct debits, payment transactions through a payment card and credit transfers.
4. Execution of payment transactions where the funds are covered by a credit line for a payment service user. This includes, execution of direct debits, execution of payment transactions through a payment card or a similar, and execution of credit transfers, including standing orders.
5. Issuing of payment instruments and/or acquiring of payment transactions. An example of this being merchant acquiring.
6. Money remittance. For example, cross-border money transfer.
7. Payment initiation services. Under this model, a initiator I.e. as a payment service provider under the payment institution licence, you can, subject to the user's consent, take or iniatie a payment directly from the user's bank account and transfer the amount directly to the merchant's bank account, removing the Visa and Mastercard networks in the payment process.
8. Account information services. Under this permission, subject to the user's consent your consent is able to provide access to your accounts and view information such as balances, transactions, standing orders and Direct Debits for a given period of time.
PAYMENT SERVICES UNDER A PAYMENT INSTITUTION LICENCE
APPLICATION OVERVIEW
Information to be included in or with an application for authorisation
1. A programme of operations.
2. A business plan including a forecast budget calculation for the first three financial years.
3. Evidence that you hold initial capital.
4. A description of the measures taken for safeguarding payment service users’ funds.
5. A description of the governance arrangements and internal control mechanisms, including risk management and accounting procedures.
6. A description of the procedure for monitoring, handling and following up security incidents and security-related customer complaints, including an incidents reporting mechanism which takes account of the notification obligations.
7. A description of the process for filing, monitoring, tracking and restricting access to sensitive payment data.
8. A description of the business continuity arrangements, including a clear identification of the critical operations, effective contingency plans, and a procedure for regular testing and reviewing of the adequacy and efficiency of such plans.
9. A description of the principles and definitions used by the applicant in collecting statistical data on performance, transactions and fraud.
10. A security policy.
11. A money laundering and countering terrorism financing policy.
12. A description of the structural organisation, including, agents, branches, and outsourcing.
13. Details of shareholders and their qualifying holding.
14. Details of directors and persons who are or will be responsible for the management of the company.
15. The legal structure of the company.
16. The address of the head office of the applicant.