Who grants the licence?
Czech National Bank
Who needs a licence?
For those that a small-scale payment service provider licence is insufficient, or for a small-scale payment service provider that is reaching the limit of payments of EUR 36 million for the past 12 months. Among those companies that require a licence for the activity of a payment institution are, for example, the operators of payment gateways or other payment solutions, payment wallets, B2B, P2P, P2B applications associated with money transfers between users, providers of currency exchange services and payments abroad (dealers in non-cash foreign exchange), investment crowdfunding, providers of above-the-threshold mobile payments, applications for P2P loans, certain gaming applications, etc. A payment institution has no volume limit of payments.
What we will 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 set a calculation of capital adequacy and choose the right approach to the calculation for the Czech National Bank
- 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
What will we need from you to do all this?
- information about the types of payment services you want to provide
- basic information about the focus and manner of providing services
- information about senior management
- information about persons having a qualified holding and the ultimate owner
- proof of the transparent origin of the starting (registered) capital, the size of which must be a minimum of EUR 50,000 or EUR 125,000, depending on the scope of services
For whom have we already arranged a licence?
Our esteemed clients include CYRRUS FX, Fortissimo s.r.o. (Devizy.cz), Roklen360, BESTPAY, Tesco Franchise, and Benefit Plus, a company that operates a popular system of employee benefits. 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.
We are ready to arrange the licence for you.
