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EMI&PSP in Czech Republic

EMI&PSP in Czech Republic

ELECTRONIC MONEY and PAYMENT PROVIDERS IN CZECH REPUBLIC

In Czech Republic the issuer of electronic money has the right to issue electronic money, if the average amount of issued electronic money in circulation in the Czech Republic does not exceed the cash equivalent of EUR 5 million.

In case of issuer providing other payment services that are not related to the issuance of electronic money, it falls under the restrictions that are valid for the payment company (PSP or Payment service provider) the average amount of payment services provided by them in the last 12 months in the Czech Republic cannot exceed the amount of 3 million euros.

The main difference between the use of electronic money and the use of payment services is that the issuer customer has the electronic money account in the issuer payment system, and the client uses it in order to:

  • Acceptance of electronic money as payment for their services or goods
  • Accumulation of funds from a large number of small payments
  • Division of large payments and using parts for different purposes
  • Conversion of e-money from one currency to another
  • Storage of funds for unlimited time
  • Mutual settlements with suppliers who are also customers of the Company
  • Implementation of electronic money and getting real money to your bank account

Service cost

26 000 EUR (complete package, ie we are preparing all the documents, including the business plan).

Recruitment and taxes are not included in this rate.

Payment terms 1/3 - when concluding the contract, 1/3 - when submitting documents, 1/3 - when obtaining a license.

Terms of obtaining a license in Czech Republic

On average 3 months.

1-2 months for preparing documents.

After submitting all the documents in CNB, we receive a regulator response within 1 month.

If the documents all right - the applicant receives a license. If CNB doubts about the applicant - a decision to refuse in license obtaining or additional questions to the applicantare received.

Electronic money issuer has the right to:

  • issue electronic money;
  • provide payment services related to electronic money;
  • provide payment services not related to electronic money, but that prescribed in the statutes of the company;
  • provide services relating to paragraphs 1,2,3 above, including credit;
  • provide payment systems except for the final sign-in

The requirements for obtaining a license of electronic money institutions

The issuer of electronic money must:

  • be a registered legal entity;
  • have an office in the European Union and it is desirable to have an office in the Czech Republic;
  • prepare a business plan for 3-5 years;
  • provide information on measures to ensure the safety of client money;
  • demonstrate the skills, experience and criminal records of directors;
  • to prepare all the necessary working conditions and manuals, including AML.

If you are planning a bigger turnover, it is necessary to obtain a full license.

In this case the main (initial) capital of the company applying for a license must be at least 350 000 euro. In the case of license obtaining the information and documents specified in the legislationare being prepared.

The criteria for obtaining a license for the electronic money in the Czech Republic

  • Amount of issued money 5 million euros.
  • Acquiring Bank - Czech, as well as those who have passed a notification CNB.
  • Indicative date of obtaining a license - an average of 3 months. 1-2 months for preparing documentation and company registration (or buy ready-made) + 1 month regulator consideration.
  • Board members - preferably at least one resident in Europe.
  • Controller Boards - one-time payment when submitting documents - about 400 euros.

We also offer additional services for accounting support, the regulator reporting, compliance customers according to AML / KYC procedures.

LICENSING OF PSP COMPANY IN CZECH REPUBLIC (PSP - Payment Service Provider)

PSP enterprises - are financial market participants operating under the Act on payment services and electronic money. Those are legal persons who are eligible to make payments according to their registration and license.

For the construction of the EU internal market, elimination of obstacles to the free movement of goods, services and finances, the European Parliament and the Council of Europe approved Directive that defines the procedure for providing payment services in the community.

Services that payment companies are authorized to provide:

  • Services, which may result crediting the cash to the account of the payment system user.
  • Services, which may result withdrawing cash from the account of the payment system user.
  • Implementation of payments, including direct debit payments using payment card or similar device, credit transfer, or regular payments
  • Same as in the previous paragraph, only with the use of the credit limit
  • The issue of payment instruments (such as recharge cards)
  • Transfers without opening an account.

The main purpose of PSP company

The function of PSP company is the financial intermediation in the implementation of customer payment. The Payment company is a cash-flow channel, thatdo not belong to the Payment company.

Payment company service is limited in time (no more than 5 working days). The source and purpose of the payment are always known. A payment service cannotsplit up the payment amount (except commissions to intermediaries) in order to be performed for a number of purposes. When performing payment services, the payment company is responsible for its implementation.

The Payment company can organize, for example, the collection of utility payments and the further allocation of funds between providers of public services, collection of payments to third parties (for example, internet marketers and mobile operators). Also they can provide services of faster transfers between financial institutions in different regionsat their own expense.

The main difference between the use of electronic money and the use of payment services is that the issuer customer has the electronic money account in the issuer payment system, and the client uses it in order to:

  • Acceptance of electronic money as payment for their services or goods
  • Accumulation of funds from a large number of small payments
  • Division of large payments and using parts for different purposes
  • Conversion of e-money from one currency to another
  • Storage of funds for unlimited time
  • Mutual settlements with suppliers who are also customers of the Company
  • Implementation of electronic money and getting real money to your bank account

If any help in obtaining a license for electronic money needed, please feel free to contact our specialists via phone numbers, listed on a web-page, or by submitting a form, located on the left side of the page or by the e-mail info@sb-sb.com

Obtaining a license for electronic money, a European license for electronic money, e-money license, PSP, EMI, license for electronic payments, Electronic money institution.

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