payment-institutions

Electronic Money Licensing

Electronic money is the electronic alternative to cash, which enables users to store funds on a device (for example, on a card or phone) or use the Internet to carry out payment transactions. This includes operating an electronic trading point, e-commerce, as well as the issuance of debit cards.

Parparinos Milonas Corporate and Legal Consultants and its expert team offers its clients full set-up and authorization/licensing services for EMIs, as well as comprehensive license and post-license compliance support. We offer a wide range of products and services regarding electronic payment, enabling customized solutions for secure and smooth payment processing.

The high requirements in efficiency, data security and availability of the systems are considerable aspects of these kind of transactions.

In order for an applicant to obtain authorisation as electronic Money or Payment Institution in Cyprus, an application must be submitted accompanied by information as defined in the relevant laws and directives.

We, as a leading network of integrated concept for electronic payments, offer full service of the highest standard, also in credit card processing.

Our Services Include:

  • Advisory support towards authorization and registration of an EMI.
  • Preparation of the Application File in accordance with current regulatory requirements, to include, among others:
    • design and build the EMI structure, and based on your needs (in a way that it shall be cost-efficient),
    • prepare a custom-built Operations Manual, in the most efficient manner, and based on your needs,
    • prepare the Money Laundering Manual and the Know Your Client (KYC) policies, in the most efficient manner and based on your needs,
    • prepare the business plan,
    • complete the application form to be submitted to the relevant EU regulatory authority
    • review the questionnaires of the shareholders, directors and heads of departments of the proposed IF,
    • locate qualified executive and non-executive directors (if needed),
    • complete the relevant checklists,
    • prepare necessary justifications to be submitted to the relevant EU regulatory authority, as applicable,
    • prepare the letter(s) to accompany the application, in the events that any exceptions may be requested, as applicable,
    • guide you in providing all the necessary documentation and certificates,
    • answer to any relevant questions concerning the application process,
    • undertake to be responding, on your behalf, to the authority’s queries, and suggestions relating to the application.
  • Locating qualified Directors and personnel for EMIs and Banks.
  • Full legal, accounting and auditing support of EMIs and Banks.
  • Compliance consulting to EMIs and Banks.
  • Executive Training to personnel of EMI and Banks.

Electronic Payments

Electronic payments make business via the Internet or call centres possible, thus providing significant challenges at the same time. Payment alternatives, time zones, currencies, systems integration, fraud and data security are various challenges one can encounter.

Individual solutions are offered for the entire process of their electronic payments based on the business model, requirements, goals and target markets of each merchant. This includes the integration of the respective key national and international payment options as much as an effective safeguard against default. Our payment system is characterized with high reliability, transparency and efficiency. Furthermore, integrating these solutions into existing IT structures and business processes will not constitute a problem and is done with ease.

Our Services Include:

  • All current payment methods
  • All important currencies
  • Highest security standards
  • Smooth systems integration
  • Cost-effective outsourcing
  • Web-based administration

Key benefits:

  • Use of all important credit and debit cards
  • Effective risk management concepts
  • Data transmission and processing is conducted safely
  • Costs for processing are low
  • Highest availability – also during peak periods
  • All current payment methods
  • All important currencies
  • Highest security standards
  • Smooth systems integration
  • Cost-effective outsourcing
  • Web-based administration

Payment Services Advisory

The provision of Payment Services in Cyprus and the EU is regulated by the Payment Services Directive of the European Union (PSD), which is transposed into the national legislation of Cyprus via Law 128(1) of 2009.

The PSD provides the legal foundation for the creation of an EU-wide single market for payments. The PSD aims at establishing a modern and comprehensive set of rules applicable to all payment services in the European Union. The target is to make cross-border payments as easy, efficient and secure as ‘national’ payments within a Member State. The PSD also seeks to improve competition by opening up payment markets to new entrants, thus fostering greater efficiency and cost-reduction. At the same time the Directive provides the necessary legal platform for the Single Euro Payments Area.

Parparinos Milonas Group of Consultants offers set-up and authorization services for a Payment Institution (PI) license and post-license compliance support. With this license a PI may offer its services freely in the entire European Union.

Our services include:

  • Advisory support towards authorization and registration of a PI.
  • Preparation of the Application File in accordance with current regulatory requirements, to include, among others:
    • design and build the PI structure, and based on your needs (in a way that it shall be cost-efficient),
    • prepare a custom-built Operations Manual, in the most efficient manner, and based on your needs,
    • prepare the Money Laundering Manual and the Know Your Client (KYC) policies, in the most efficient manner and based on your needs,
    • prepare the business plan,
    • complete the application form to be submitted to the relevant EU regulatory authority
    • review the questionnaires of the shareholders, directors and heads of departments of the proposed IF,
    • locate qualified executive and non-executive directors (if needed),
    • complete the relevant checklists,
    • prepare necessary justifications to be submitted to the relevant EU regulatory authority, as applicable,
    • prepare the letter(s) to accompany the application, in the events that any exceptions may be requested, as applicable,
    • guide you in providing all the necessary documentation and certificates,
    • answer to any relevant questions concerning the application process,
    • undertake to be responding, on your behalf, to the authority’s queries, and suggestions relating to the application.
  • locating qualified Directors and personnel for PIs and Banks.
  • Full legal, accounting and auditing support of PIs and Banks.
  • Compliance consulting to PIs and Banks.
  • Executive Training to personnel of PI and Banks.