PSP system UK

Payment system license in the UK

In the UK, the licensing of payment systems (PS) is carried out by certain regulatory bodies, in particular, the FCA. They can provide business owners with a special license — AEMI. Having received such permission, the company will be able to work in any country, open IBAN accounts, obtain the status of a member of SWIFT, SEPA, and so on.

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What are the advantages of the PSP system UK license in England?

The distinctive feature of PSs is that they are very similar but different from classic banks. For example, the latter ones can issue loans to their customers and keep deposits on which interest will be accrued. The list of capabilities of PSs does not include this feature, but they are not subject to banking regulation and supervision.

Thus, a PSP system UK license is the best option for companies planning to work in the financial sector. By registering as a PS, legal entities will be able to get a license and start doing business with more loyal supervision and attitude from regulatory authorities. However, a company must meet certain conditions and requirements of the UK legislation to do so.

If they are met, the AEMI license will allow legal entities to:

  • Obtain SWIFT accounts.
  • Issue IBAN accounts to their clients.
  • Open accounts remotely (online).
  • Send payments to any country in the world and in any currency.
  • Issue payment cards and so on.

PSP system UK license: Licensing requirements

If you want to obtain a license for your company, you must comply with certain requirements:

  • Availability of a bank account.
  • Absence of restrictions established by the EU and UK regulators.
  • Documents confirming a legal source of income.
  • Office rental in the UK.
  • The authorized capital must be at least 350,000 euros.
  • A minimum of two company directors must be UK residents.

If the above requirements are met, the businessman should start the preparatory process for obtaining a PSP system UK license:

  • Create a business model and plan.
  • Prepare an accounting system.
  • Employ personnel following the requirements for professional staff training.
  • Prepare a description of technical solutions to be used during business operations.
  • Conclude contracts with suppliers.

Peculiarities of obtaining a PSP system UK license

As a rule, the licensing of PS takes about six months. If any difficulties arise during the process, for instance, if additional documents or information are required, the period may be extended up to 12 months.

Before applying for a PSP system UK license, a businessman must prepare an extensive package of documents. It implies the text of the charter, the description of the management and control mechanisms, the personal data of the managing persons, and so on.

Contact our company if you want to speed up the process of preparation and licensing of your PSP system UK. We will comprehensively solve this problem and save your time and effort. For personal consultations, please contact our specialists via phone numbers.

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