Payment Services Licensing

Payment Services Licensing

The payments landscape has evolved rapidly and Money is becoming more mobile and ever more accessible online. International trade expansion and globalisation are growing the demands, which has resulted in corporates, non-banks and banks wanting, reduced fees and improved services with increased pressure on traditional payments models.

This coupled with the implementation of a number of regulations across the EU and globally has created an expanding market which Payment Services Providers for both retail & merchant markets, are increasingly in demand.

Companies wishing to provide these services should now consider regulation as a priority and requirement, whether they wish to accept and provide electronic payments through credit cards, bank-based payments or provide gateways for multiple Payment Services Providers. Some of the popular services we see today are:

1. The issuing Electronic Money and providing E-Wallets
2. Money Transmission Services
3. Payment Processing Services
4. Money Exchange Service

What ITI can do:

1. Consult on the Services to be applied for, for applications to enter a variety of Markets
2. Provide assistance with completion of the Application Pack to be submitted to the regulator
3. Assist with the design of the Firm Structure
4. Prepare the Business Plan and financial projections.
5. Prepare the Business Plan and financial projections.
6. Prepare the Procedures Manual for the Prevention of Money Laundering and Terrorist Financing
7. Assist in the preparation of the Personal Questionnaires for shareholders, directors and senior management.
8. Follow-up the application during the process of assessment by the regulator.