Most users of payment systems, like banks, are sensitive to their counterparts and their reliability. Any error or inaccuracy can lead to malfunctions in the company's operation or to an increase of its operating costs. Therefore, it is important to take into account all the details, including your jurisdiction. A wide range of opportunities for work is traditionally provided by Cyprus - payment systems can easily interact with the offshore company created here or a corresponding bank account.
To conduct work related to debit and credit payments through cards or similar devices, instruments acquiring, paying through IT systems or mobile operators, you need to obtain a license.
On the island of Cyprus, payment systems are controlled by the Central Bank and Exchange Commission, and it strictly monitors a compliance with the formalities. To obtain a license of a payment institution, one must be registered in the jurisdiction, its directorate must have a positive reputation and a high level of professional knowledge (nominal management is not enough). Also it is necessary:
It is required to visit the Commission with a package of documents for a conversation. Applications are considered, usually about 4 months, then a decision is taken. "Prifinance" company shall help to optimize the process of an electronic money license obtaining in Cyprus. With us, it will pass as quickly as possible, in accordance with the rules and without extra hassle for the customer.