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PAYMENT SYSTEMS LICENSES
IN THE CZECH REPUBLIC


Registration and obtaining licenses of payment service providers in the Czech Republic
A European license and excellent Czech jurisdiction will give you undeniable advantages
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PAYMENT SYSTEMS LICENSES

If you want to become a payment service provider and get a European license of a Payment Institution or an Electronic Money Institution - EMI, then you are on the right site.

Our company Consulting Company s.r.o. specializes in providing services for obtaining licenses of payment service providers in the Czech Republic. Our company has been operating in the financial markets of the Czech Republic since 1999 and during this time we have developed good connections necessary for obtaining financial licenses in the Czech National Bank (CNB).

Recently, the Czech Republic has become a "Mecca" for payment systems of various sizes. We are approached by both new companies that want to start a payment service business, as well as companies that already run this business, but have previously made a tactical error and have registered their companies either in offshore or in the Baltic States or in Cyprus. As a result, acquiring banks and other payment systems refuse to work with these companies.

The Czech licenses of the Payment Institution and the Electronic Money Institution (EMI) are European licenses and give the right to work throughout the European Union and in no way limit in attracting customers from all over the world.

FREQUENTLY ASKED QUESTIONS

Very often, different payment service providers are called payment systems. However, this is not entirely correct, since the payment systems in the European Union are regulated by four different licenses.

The European Union has adopted appropriate directives aimed at eliminating legal barriers to the provision of payment services in the EU, allowing citizens and businesses to easily and safely make all types of payments in a timely and cost-effective manner and for opening the EU market to new entrants. The European Union established a set of specific rules for all payment service providers, including banks and payment institutions.

These directives are aimed at achieving five main objectives:

  • achieve a single payment market in the EU;
  • provide a regulatory framework for a single payment market;
  • create a single market and increase competition;
  • provide consistent consumer protection and increase transparency;
  • build capacity to improve the efficiency of EU payment systems;

According to these directives, all payment service providers are divided into two main types:

  • Payment Institution
  • Electronic Money Institution (EMI) or otherwise called the Electronic Money Issuer (E-money institutions).

In turn, each type of license of payment service providers has its’ own truncated types of licenses, which have limitations. Restrictions mainly relate to the volume of payment services. Thus, the Payment Institution license has a truncated version - Small Scale payment service providers. An Electronic Money Institution - EMI has a truncated version - Small-scale electronic money issuers.

A more detailed description of the license can be found on the relevant pages with proposals for obtaining licenses.



E-money / Payment institution can the following:

  • open and maintain electronic money accounts / payment accounts of their clients - legal entities and individuals (including with the assignment of IBAN);
  • provide a regulatory framework for a single payment market;
  • to issue financial instruments, including prepaid and debit bank cards;
  • make money transfers without opening an account (remittance);
  • accept payments for the benefit of your customers in a variety of ways, including bank card payments, transfers, SWIFT payments;
  • provide Internet acquiring services;
  • currency exchange;
  • payment initiation services.



The license of an Electronic Money Institution - EMI or an E-money institution includes all the possibilities of a Payment Institution. The main difference between the two types of payment service providers is that electronic institutions can issue electronic money. Electronic money is the digital equivalent of cash stored on an electronic device or remotely on a server.

Unlike a Payment Institution, an Electronic Money Institution - EMI, issuing electronic money in exchange for money, provides financial services that are unlimited in time, without known payment directions, with the possibility of splitting and accumulating funds. The issuer undertakes to pay money in exchange for electronic money at any time.

An Electronic Money Institution is practically a bank, but only without the right to issue loans. At the same time, the cost of creating and owning a payment company is many times smaller than a full-fledged bank!



If you want to open your payment system or an electronic money institution, then the question of choosing the right jurisdiction is fundamental. Most users of payment systems and electronic money, as well as banks, are sensitive to their counterparties and their reliability. Therefore, offshore and exotic jurisdictions are NOT a good choice for organizing a payment service business.

Recently, the Czech Republic has become a European center of payment systems of various sizes. We are approached by both new companies that want to start a payment service business, as well as companies that already run this business, but have previously made a tactical error and have registered their companies either in offshore or in the Baltic States or in Cyprus. As a result, acquiring banks and other payment systems refuse to work with them.

  • The Czech Republic is NOT an offshore that no serious bank wants to work with.
  • The Czech Republic is NOT a problematic Baltic, from which everyone is now fleeing.
  • The Czech Republic is NOT the Cyprus, with whom it is more difficult and more expensive to work with every year. Everyone knows that the jurisdiction of Cyprus strongly beats the prestige of the company.
  • The Czech Republic is not England and not the United States, where obtaining financial licenses and their maintenance are too expensive.
  • These are European licenses in the right jurisdiction for reasonable money. The licenses of the payment system and electronic money issued by the Czech National Bank (CNB) entitle you to work throughout Europe and to attract customers from all over the world.
  • Prague is a great city for big business. You and your employees will be able to work from anywhere in the world using the license and legal address of the Czech Republic.

We provide a full service for obtaining all types of licenses in the Czech Republic for payment service providers.



Ekaterina 5
EKATERINA CHALKINA
EKATERINA CHALKINA

Consulting Company s.r.o.
Prague, Czech Republic

 
Phone Ekaterina 2Phone Ekaterina 1
 
Mail Ekaterina 3Mail Ekaterina 4
Alexsander 4
ALEXANDER YAKIMENKA
ALEXANDER YAKIMENKA

Consulting Company s.r.o.
Prague, Czech Republic

 
Phone Alexander 1Phone Alexander 2
 
Mail Alex 1Mail Alex 2

 

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