pasydbf

Payment Services

For a firm to provide businesses with online payment products for their clientele, it has to have a payment service provider (PSP) license. At GFSC Global, we realize that online monetary transactions have been embraced by most individuals in their daily lives. We have a team of consultants whose dealings are founded on their experience, professionalism, and knowledgeability. As such, you can rely on us to provide comprehensive guidance to you on the PSP license application process if you are within the following regions:

EU countries: Cyprus, United Kingdom, Malta, Bulgaria, and Latvia

Non-EU countries: Vanuatu, Seychelles, Mauritius, New Zealand, and Belize

Apply for our Payment Services

Please complete the form and an expert will get back to you within 24 hours.

How Can We Help You

Clients can choose one or more of these regulated activities when applying for the PSP license:

  1. Services linked to the placement of money in a payment account as well as the processes related to managing such an account.
  2. Services linked to the withdrawal of money from a payment account as well as the processes related to managing such an account.   
  3. Payment transactions such as the transfer of money from a payment account either with the individual’s payment service provider or with another agency:
  • Implementation of direct debits such as the one-off direct debit.
  • Completion of payment transactions via a payment card or another device with similar capabilities.
  • Implementation of credit transfers such as standing orders.
  1. Implementation of payment transactions in an arrangement where the user of the payment service has access to credit:
  • Implementation of direct debits such as the one-off direct debit.
  • Completion of payment transactions via a payment card or another device with similar capabilities.
  • Implementation of credit transfers such as standing orders.
  1. Issuance and/or acquisition of payment devices.
  2. Remittance of funds – We help companies that help companies and people in international customers.
  3. Completion of payment transactions in setups where the user approves a payment transaction through a digital, IT, or telecommunication gadget. In this setting, the operator to whom the payment is made to acts exclusively as an intermediary between the user of the payment service and the product supplier.

The required minimum share capital depends on the selected activities and the jurisdiction of operation.

EU countries: minimum share capital is 20,000 euros

Offshore countries: minimum share capital is 25,000 USD

 

The completion of the application process takes between 2 and 6 months. This period includes the regulation procedure.

  • Establishment of a local company
  • Organization for consultation with the regulator; only if you are in an EU country.
  • Setting up for the registered address and agent for the initial years.
  • Opening a bank account within the same area to deposit the share capital.
  • Compiling all the due diligence details for the involved parties.
  • Drafting an application for the PSP license and reviewing all the documents obtained from the client.
  • Organizing all of the internal documents including the internal manual, AML policy, and business plan.
  • Filing license application with the regulator and following up on it to completion.