Applying for a PSD2 licence
Enigma Consulting supports more than 15 organizations for their licence application as a Payment Institution (PI) or Electronic Money Institution (EMI).
With the introduction of PSD2, new providers of new payment and account information services will enter the market. They will act as an online third party between consumers and their bank. All providers must have a licence issued by DNB or by another supervisory authority in the European Union. PSD2 regulates the supervision of these third parties. Enigma Consulting supports these parties, who process payment transactions and want to operate as an account information service provider (AISP) or payment initiation service provider (PISP), to obtain a licence from the Dutch National Bank (DNB).
The consultants of Enigma are very experienced in supporting organizations to prepare a licence application.
Our customers often have very different reasons to apply for a licence. Our customer base consists of, among others:
- Innovative companies wishing to take advantage of the opportunities offered by new payment regulations in areas of account information services and payment initiation services, such as FinTech companies and accounting software suppliers;
- UK-based companies that decide to apply for a licence in the Netherlands and to service Europe from here, because of Brexit considerations;
- Crypto-Ccy companies fulfilling DNB supervision;
- Wealth managers and Lenders to enhance their information demand and risk assessment;
- Asian and American companies that want to use the Netherlands as a basis for their global Payment Gateway;
- Companies who services as an Escrow provider;
- Companies that can no longer make use of PSD2 exceptions that were still available under PSD1.
We work with a multidisciplinary team, which is of added value because we offer expertise in all areas that are required for the preparation and end-to-end management of the licence application. Together with our short communication lines with DNB the application meets the quality requirements of the regulator on all aspects, which leads to a quicker assessment and licence granting by the DNB.
The law distinguishes 8 different kinds of payment service providers. For example, since the introduction of PSD2, besides the classic payment service provider and the electronic money institution (EMI), new variants like the account information service providers (AISPs) and the payment initiation service providers (PISPs) exist as well.
In the picture below we have outlined the required steps for an efficient, successful application for you.
With our extensive experience with licence processes and short communication lines with DNB, we can advise and support you at every stage of the licence process, whether it concerns the application of an exemption or a licence for payment service provider, electronic money institution, account information service provider or payment initiation service provider.
Besides our consultancy support for the licence application we could also offer the temporary deployment of a risk & compliance officer to share best practices and train your internal organization.