Licensing

Advapay offers comprehensive consulting services to develop turk-key payment business solution including

  • choice of jurisdiction
  • business model development
  • assistance in company registration and obtaining the licenses
Acquisition of a license
  • Choice of jurisdiction
  • Business model development
  • Assistance in company registration and obtaining the licenses
  • Development of internal regulations, including the AML compliance manual etc.
  • Business plan development
  • Assistance in staff recruitment, office administration and maintenance
License management
  • License extension
  • Change of the owner
Introduction

Since 2009 payment services in the EU have been regulated based on Directive 2007/64/EC (PSD 64);

Since 2011 Directive 2009/110/EC (EMD 110) has been providing regulatory framework for the business of e-money issuers. The Directives have introduced a new type of market player: a payment institution (PI) and an electronic money institution (EMI);

By 2018 all EU member states adopt measures to comply with the new version the Payment Services Directive - PSD 2, which offers payment institutions new business opportunities and requires that banks open up and cooperate with PSPs.

AdvaPay