Payment & Electronic Money Institutions Licensing

XCH offers set-up and authorization services for a Payment Institution (PI) license
and post-license compliance support.

The provision of Payment Services in Cyprus and the EU is regulated by the Payment Services Directive of the European Union (PSD), which is transposed into the national legislation of Cyprus via Law 128(1) of 2009. The PSD provides the legal foundation for the creation of an EU-wide single market for payments.

The PSD aims at establishing a modern and comprehensive set of rules applicable to all payment services in the European Union. The target is to make cross-border payments as easy, efficient and secure as ‘national’ payments within a Member State. The PSD also seeks to improve competition by opening up payment markets to new entrants, thus fostering greater efficiency and cost-reduction. At the same time, the Directive provides the necessary legal platform for the Single Euro Payments Area.

XCH offers set-up and authorization services for a Payment Institution (PI) license and post-license compliance support. With this license, a PI may offer its services freely in the entire European Union.

Our Payment Institutions services include:

  • • Advisory support towards the authorization and registration of a PI.
  • • Preparation of the Application File in accordance with current regulatory requirements, to include, among others:

• Design and build the PI structure based on your need and in a cost-efficient way.

• Prepare a custom-built Operations Manual based on your needs and in the most efficient manner.

• Prepare the Money Laundering Manual and Know Your Client (KYC) policies based on your needs and in the most efficient manner.

• Prepare the business plan.

• Complete the application form to be submitted to the relevant EU regulatory authority.

• Review the questionnaires of the shareholders, directors and heads of departments of the proposed PI.

• Locate qualified executive and non-executive directors (if needed).

• Complete the relevant checklists.

• Prepare necessary justifications to be submitted to the relevant EU regulatory authority, as applicable.

• Prepare the letter(s) to accompany the application in the event that any exception may be requested.

• Guide you in providing all the necessary documentation and certificates.

• Answer any relevant questions concerning the application process.

• Respond on your behalf to the authority’s queries and suggestions related to the Payment Institutions application.

  • • Locating qualified Directors and personnel for PIs and Banks.
  • • Full legal, accounting and auditing support of PIs and Banks.
  • • Compliance consulting to PIs and Banks.
  • • Executive training PI and Bank personnel.

Electronic money is the electronic alternative to cash, which enables users to store funds on a device (for example, a card or phone) or use the Internet to carry out payment transactions. This includes operating an electronic trading point and/or e-commerce, as well as the issuance of debit cards.

Electronic Money Institutions (EMI) in the EU are regulated by the EU Directive 2009/110/EC, which has been transposed into the national legislation of Cyprus via Law 81(I) of 2012, whereas the relevant Regulatory and Licensing Authority in Cyprus is the Central Bank of Cyprus. An EMI, once established and duly licensed in Cyprus, may offer its services freely in the EU by setting up branches or on a cross-border basis without any further authorization.

The expert team of XCH offers full set-up and authorization / licensing services for EMIs, as well as comprehensive license and post-license compliance support.

Our E-Money institutions services include:

  • • Advisory support towards the authorization and registration of an EMI;
  • • Preparation of the Application File in accordance with current regulatory requirements, to include, among others:
    • • Design and build the EMI structure based on your needs and in a cost-efficient way;
    • • Prepare a custom-built Operations Manual based on your needs and in the most efficient manner;
    • • Prepare the Money Laundering Manual and Know Your Client (KYC) policies based on your needs and in the most efficient manner;
    • • Prepare the business plan;
    • • Complete the application form to be submitted to the relevant EU regulatory authority;
    • • Review the questionnaires of the shareholders, directors and heads of departments of the proposed EMI;
    • • Locate qualified executive and non-executive directors (if needed);
    • • Complete the relevant checklists;
    • • Prepare necessary justifications to be submitted to the relevant EU regulatory authority, as applicable;
    • • Prepare the letter(s) to accompany the application in the event that any exceptions may be requested;
    • • Guide you in providing all the necessary documentation and certificates;
    • • Answer any relevant questions concerning the application process, and;
    • • Respond on your behalf to the authority’s queries and suggestions related to the application.
  • • Locating qualified Directors and personnel for EMIs and Banks;
  • • Full legal, accounting and auditing support of EMIs and Banks;
  • • Compliance consulting to EMIs and Banks, and;
  • • Executive training for EMI and Bank personnel.

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