Who grant the licence?
Czech National Bank
Who needs the licence?
The payment service of account information provision is a new service established in the European Payment Services Directive (PSD2) and the Act on Payment Services. In contrast to the payment service of indirect initiation of a payment order, the payment information provision service is more passive in nature. The payment account information service makes it possible for managers to view clients’ payment accounts at banks (with their consent) via the banks’ API. The service is used, for example, to check the creditworthiness of clients (possible to view the account history of the client) or, for example, for the integration of information about accounts at different banks in a single application (1 statement from all accounts, cash flow management, etc.), for the application of home accounting, etc.
What will we do for you?
- we will assign a personal project manager to you, who will guide you through the entire licencing process
- we will compile an application and all attachments
- we will create complete internal regulations and procedures, including risk management
- we will compile a business plan and trading forecast in the form of financial statements and a strategy for the development of activity
- we will prepare contractual client documentation
- we will set appropriate organisation of internal operation
- we will set internal management and control systems
- we will compile rules for risk management, including a catalogue of risks and their assessment
- we will ensure a calculation of the insured sum for liability insurance
- we will help with a description of connection to banks’ API and secure access
- we will compile measures to combat money-laundering (AML/CFT)
- we will ensure the achievement of compliance, internal auditing, and any reporting to the Czech National Bank
- once you have your licence, we will be ready to regularly help you with regulation, internal auditing, or dealing with the Czech National Bank and other regulatory bodies
- turnkey compilation of all documents takes around 1-2 months
What will we need from you to do all this?
- basic information about the focus and manner of providing services
- information about your senior management
- information about persons having a qualified holding and the ultimate owner
- proof of the transparent origin of the starting (registered) capital
- draft insurance contract for liability insurance for the provision of the account information service;
For whom have we already arranged a licence?
We are arranging a licence for CYRRUS FX. You will find other references here.
How much will it cost?
The price depends on the complexity and scope of the licence. You will receive a detailed written offer from us following a telephone or personal consultation.
Do you want the licence?
