Payment Services and E-Money Application

Open banking has transformed the way we all pay for goods and services. As part of promoting the development and use of innovative online payment services, Revised Payment Services Directive (PSD2) now regulates for the first time – account information and payment initiation services.

Providers of payment accounts accessible online must allow third-party providers to access user accounts (with the user’s explicit consent). These third parties/providers such as account information services (AISPs) – are regulated under PSD2 with corresponding permissions and obligations.

For a one-time and fixed-price fee, our team of qualified legal and technical experts, will:

– First analyse your services (types, size, complexity, and nature, and scale of your activities).
– Walk you through your options, analyse exemptions, and other requirements and prepare a relevant application.
– When preparing your application we will walk you through the documents (as listed below) we need to prepare in support of your application and draft these in collaboration with you and your development team. We will need to familiarise ourselves with you business to the extent necessary to provide the FCA with the information required or desirable and in the manner and form understandable or expected by the FCA’s case officer. You know your business and your solution, we know what the FCA wants to see and in what form.
– Communicate with the FCA during the initial round of feedback.

Who this service is for

We can assist your business if you are seeking to apply to the FCA.
Key benefits

  • Connect with an experienced lawyer quickly and simply
  • Get a qualified opinion on your issue/s
  • Upfront and transparent pricing

What happens after purchase?

Your lawyer will onboard you (KYC, conflicts checks, and client care letter - if applicable)
You send supporting material to the lawyer ahead of the meeting
Consultation takes place
Lawyer sends an email to summarize high level points from the conversation and quotes for any further work required
Leave a review and testimonial of your experience for future customers

FAQ’s

What the service will cover
  • An initial 30-minute call to define the scope, instructions and timeline.
  • A review of your current and/or proposed activities.
  • Analysis of your options, requirements and any available exemptions.
  • Preparing your FCA application and review and analyse supporting documents to be submitted with the application. If such information is not available we will assist with the drafting, as required.
  • Supporting documents as per the current FCA guidelines will include (though may vary if not applicable for the solution proposed):
  1. identification details;
  2. programme of operations (e.g. flow of funds or data, settlement arrangements, any ancillary services);
  3. Business plan (marketing, forecasts, annual accounts if available etc.);
  4. structural organisation (e.g. detailed organisational chart, outsourcing arrangements, a forecast for next 3 years), including SLAs roles and permissioned oversight & GDPR arrangements ;
  5. evidence of initial capital (if required);
  6. governance arrangements and internal control mechanisms;
  7. procedure to monitor, handle and follow up on security incidents and security-related customer complaints;
  8. description of the process to file, monitor, track and restrict access to sensitive payment data;
  9. business continuity arrangements and Business impact analysis. Understanding core functions (both automated and physical activities) and the impact of various delays in service provision;
  10. security policy document (in particular, a detailed description of the IT systems and an exhaustive list of authorised connections);
  11. internal control mechanisms to comply with AML/CFT obligations and a risk register;
  12. identity and suitability assessments of the managements;
  13. details of auditors and audit firms;
  14. professional indemnity insurance or comparable guarantee for payment initiation services and account information services.  Complexities vary dependant on the nature of your business.
  • Ongoing support of our team of experts with your first draft application (telephone calls, emails).  We have a hands-on, practical and pragmatic, using our extensive network and recent experience.
What the service excludes
  • Further communication on the matter outside the services offered above (e.g. additional phone calls or further questions).

The following additional services can be purchased separately:

  • Further and ongoing legal support until the completion of your application or assistance with discreet legal or technical queries.
  • Due diligence of your business and business model.
  • Drafting or negotiation your terms and policies, and any relevant marketing, promotional or other material.
  • Advice on future strategies as regards implementing PSD2, or E-Money Regulations, digital finance, or Brexit-related changes – whether related to services, products, marketing, and promotion within the UK, EEA and elsewhere.
  • Advice on expansion into other products, goods or services working with strategic experts driving the transformation of financial markets.

Assumptions
This service is offered under the assumption that you have a good understanding of your business and how Open Banking may impact your business.

What you need to provide
  • Background information on your business and your business objectives.
  • The first step after the purchase will be to provide verification of your identity and supply the following documentation so your adviser can carry out their ‘Know Your Customer’ (KYC) and ‘Anti-Money Laundering’ (AML) checks. Please have the following at hand but note that this may not be a complete list:
    • Company name, VAT number (if applicable), registration number
    • Key contacts and associated contact details including email and mobile
    • The names and home addresses of all directors
    • Home utility bill (no more than 3 months old) and passport for every person who owns or controls more than 25% of the voting rights of your business
A woman in a green blouse and blonde hair standing by the wall
Beáta Dunn
ReGen Law

0203 322 8205

I am finance, banking, corporate and commercial lawyer with more than 20 years of experience. I have...

£14,100.00 +VAT

Sold By: Beáta Dunn

20 years experience across

Financial Services

Working with

  • Microbusiness (up to 10 Employees)
  • Medium-sized business (up to 50 employees)

Not sure what you’re looking for?

Let us match you with a legal advisor

Get matched

A woman in a green blouse and blonde hair standing by the wall
Beáta Dunn
ReGen Law

0203 322 8205

I am finance, banking, corporate and commercial lawyer with more than 20 years of experience. I have...

£14,100.00 +VAT

Sold By: Beáta Dunn

20 years experience across

Financial Services

Working with

  • Microbusiness (up to 10 Employees)
  • Medium-sized business (up to 50 employees)

Not sure what you’re looking for?  Let us match you with a legal advisor