PIs (Payment Institutions) are institutions providing payment services. Payment entities provide for financial intermediation of customer payments. A payment entity is a channel enabling movement of cash flows not belonging to the payment entity.
This is a great solution specifically for companies collecting utility payments and further distributing the funds among utility suppliers, or entities accepting payments on behalf of third parties (e.g. online merchants or mobile network operators).
The status of a payment institution offers ample opportunities for conducting business within Europe and beyond. The size of the authorized capital required for obtaining a Payment Institution license ranges from EUR 20,000 to EUR 125,000.
Should you plan to provide services to customers in a single EU country, you may get a Small Payment Institution license, subject to compliance with the turnover specifications. If this is the case, no authorized capital requirements will apply to a PSP company.
The average term of obtaining a PI license in the EU is 3 to 6 months from the company registration date. Where there are plans to conduct payment institution operations in other countries, the company may extend its license to SEPA (Single Euro Payment Area) countries.
With extensive experience in financial projects, we are capable of proposing a wide choice of countries suitable for the registration of payment systems.
We offer electronic money licenses in European countries, including Lithuania, Malta, Czech Republic, Cyprus, Estonia, Bulgaria, Switzerland, Great Britain and Gibraltar, and outside Europe: Georgia, Hong Kong, Singapore and Belize.
The approach proposed by SBSB consists in end-to-end servicing of turnkey fintech projects, covering the selection of the jurisdiction for company incorporation, monthly legal support, tax burden calculation, design of payment systems software (e-money and PSP) and ultimately the full-fledged project launch.