To provide money transfer services, obtaining a Payment Institution licence is essential. This licence is required by the Financial Conduct Authority (FCA) in the UK and by central financial services regulators across Europe.
At Buckingham Capital Consulting, we specialise in helping businesses navigate these regulatory requirements. With over 12 years of experience, we have assisted numerous businesses in securing both UK Financial Conduct Authority and European Payment Institution licences, ensuring a smooth and efficient application process.
Our support doesn't stop at licensing. We offer ongoing services including comprehensive reporting, compliance management, audits, and advisory services. Our dedicated and approachable team is here to guide you through every step of the process, making regulatory compliance straightforward and manageable.
Why leading firms choose us as their partner.
"We are thrilled with the exceptional service provided by Buckingham Capital Consulting throughout our journey to obtain the Electronic Money Institution licence. Their expertise and guidance have been invaluable, resulting in outstanding outcomes for our business. them, we successfully acquired the licence within a reasonable time-frame. Their in-depth knowledge of regulatory compliance and meticulous attention to detail ensured that our documentation was well prepared and aligned with the FCA's requirements."
We highly recommend Buckingham Capital Consulting to any business seeking to obtain an EMI licence. Their professionalism, knowledge, and commitment to excellence have exceeded our expectations. Partnering with them has been a game-changer for our business, and we are grateful for their invaluable support."
Our services for money transfer businesses
Buckingham Capital Consulting assists money transfer businesses in securing regulatory authorisations in the UK and Europe. Our expert team provides comprehensive support in compliance, operational setup, technology solutions, and financial management, ensuring your business meets all regulatory requirements and thrives in the market.
We guide you through the FCA authorisation process for money transfer businesses, ensuring compliance with all UK regulatory requirements. Our comprehensive support includes application preparation, documentation, and liaison with the FCA, providing you with a seamless and efficient path to obtaining your licence.
European Authorisation
We assist you in obtaining payment institution authorisation across the EU, navigating the complexities of European regulations to ensure smooth market entry. Our services include drafting applications, providing regulatory advice, and ensuring ongoing compliance with all necessary requirements for effective and compliant operations.
Compliance
We offer tailored compliance solutions for money transfer businesses, helping you adhere to all regulatory requirements. Our services encompass policy development, compliance audits, risk assessments, and ongoing advisory, ensuring your operations remain compliant and reducing the risk of potential penalties, safeguarding your business integrity.
Operational Support
We deliver ongoing operational support tailored to money transfer operators, including risk management, internal controls, and daily operational guidance. Our expertise helps you optimise efficiency, ensure regulatory adherence, and manage risks effectively, supporting sustainable growth and operational excellence for your business.
Financial Management
We provide comprehensive financial management services for money transfer businesses, including financial reporting, accounting, and audits, ensuring your business maintains accurate records and meets all financial regulations. Our team helps you streamline financial operations, enhance transparency, and ensure compliance, supporting your business's financial health and regulatory adherence.
Technology Solutions
We offer technology solutions for money transfer businesses, including AML systems, payment processing infrastructure, and IT setups. Our services ensure your operations are efficient, secure, and compliant with regulatory standards, helping you leverage technology to drive growth, enhance security, and improve overall operational efficiency.
Feel free to reach out if you need something more bespoke or have specific requirements that aren't listed above. We're here to help and would love to discuss how we can support you.
Why Buckingham Capital Consulting
Whether its compliance, FCA authorisation or something else, its about being part of your journey.
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Expertise from seasoned experts
Our team of seasoned professionals brings a wealth of expertise to the table. With years of industry experience, we offer tailored solutions and are committed to supporting you through every stage of your journey.
Comprehensive Regulatory Support
We provide a comprehensive range of regulatory consulting services, including financial reporting, audit, compliance, training, and financial crime. Count on us to manage your needs with seamless support.
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Our People
Our team of regulatory and compliance experts brings together diverse backgrounds in banking, consulting, legal, financial, and regulatory sectors. This collective experience provides us with a comprehensive understanding of the unique challenges our clients face. When you choose to work with us, you’ll benefit from the personalised attention of seasoned professionals, often at the director level, ensuring you have direct access to senior experts. Our team combines robust regulatory knowledge with commercial insight, delving deep into your business to tailor unique solutions specifically suited to your needs. This approach ensures we address your challenges effectively and support your success.
Money transfer business licence guide
How to Become a Money Transfer Provider in the UK & Europe
Introduction
To provide money transfer services, obtaining a Payment Institution licence is essential. This licence is required by the Financial Conduct Authority (FCA) in the UK and by central financial services regulators across Europe.
At Buckingham Capital Consulting, we specialise in helping businesses navigate these regulatory requirements. With over 12 years of experience, we have assisted numerous businesses in securing both UK Financial Conduct Authority and European Payment Institution licences, ensuring a smooth and efficient application process.
Our support doesn't stop at licensing. We offer ongoing services including comprehensive reporting, compliance management, audits, and advisory services. Our dedicated and approachable team is here to guide you through every step of the process, making regulatory compliance straightforward and manageable.
Why You Need a Payment Institution Licence
Providing money transfer services is a regulated activity, which means businesses must adhere to strict regulatory standards. Obtaining a Payment Institution licence is not just a legal requirement but also a mark of credibility and trust. It ensures your business operations are compliant, secure, and recognized by customers and partners alike. Without this licence, you cannot legally offer money transfer services, exposing your business to severe penalties and reputational damage.
Steps to Obtain a Payment Institution Licence
1. Preparing Your Application
The first step in obtaining a Payment Institution licence is preparing a detailed application. This involves:
Business Plan and Financial Forecasts: You need to present a comprehensive business plan outlining your objectives, strategies, and financial forecasts for at least three years. This plan should demonstrate the viability and sustainability of your business.
Programme of Operations: Clearly describe the money transfer services you intend to provide, including the types of transactions you will handle and your target market.
Business Organisation and Management Structure: Provide detailed information about your company's legal structure and management team, including the qualifications and experience of key personnel.
2. Meeting Initial Capital Requirements
You must demonstrate sufficient initial capital to successfully obtain the payment institution licence. The FCA typically requires a minimum initial capital of £20,000 for money remittance businesses. This ensures your business has the financial stability to operate and meet its obligations.
3. Ensuring Compliance and Safeguarding Measures
Regulatory bodies require robust compliance and safeguarding measures to protect consumers. This involves:
Funds Safeguarding: Implementing detailed procedures for segregating customer funds from business funds and protecting funds in the event of insolvency.
Compliance and Governance Arrangements: Developing a comprehensive compliance policy that outlines adherence to relevant regulations and governance arrangements detailing the roles and responsibilities of your compliance team.
Security Incident Procedures: Establishing procedures for monitoring, handling, and following up on security incidents, including steps for identifying and responding to security breaches.
Sensitive Data Processes: Demonstrating secure handling of sensitive payment data through procedures for data encryption, storage, and access control, ensuring data privacy and compliance with data protection regulations.
Business Continuity Measures: Creating a robust business continuity plan to ensure operations can continue during disruptions, such as IT failures or natural disasters.
4. Submitting Your Application
Once all necessary documentation is prepared, submit your application through the FCA’s online system, Connect. Your application should include:
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Detailed business plan and financial forecasts.
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Programme of operations.
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Business organisation description.
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Initial capital evidence.
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Funds safeguarding measures.
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Compliance and governance arrangements.
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Security incident procedures.
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Sensitive data processes.
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Business continuity measures.
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Security policy.
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Financial crime policy.
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Information on qualifying holders (shareholders with 10% or more ownership).
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Details of outsourcing arrangements.
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Information about your management team.
Application Fee
The application fee for a Payment Institution licence with only the money transfer/money remittance payment service is £1,500. This fee must be paid when submitting your application.
Regulatory Review and Approval
The FCA typically takes up to six months to review a complete application and make a decision. To avoid delays, ensure your application is thorough and meets all regulatory conditions.
Ongoing Compliance and Support
At Buckingham Capital Consulting, we understand that obtaining a licence is just the beginning. We offer ongoing support to ensure your business remains compliant, including comprehensive reporting, regular audits, and strategic advisory services. Our experts are always on hand to help you navigate the complexities of regulatory compliance, keeping your operations smooth and efficient.
Conclusion
Securing a Payment Institution licence is crucial for any business looking to provide money transfer services in the UK or Europe. With the right preparation and guidance, this process can be straightforward and stress-free. Buckingham Capital Consulting is here to assist you every step of the way, ensuring your application is complete and compliant, and providing ongoing support to help your business thrive.
For more detailed information or tailored advice, please contact us. Our friendly and knowledgeable team is ready to help you navigate the complexities of regulatory compliance and achieve your business goals.
Recent successful work
Buckingham Capital Consulting helps Nexpay obtain FCA Authorised Payment Institution licence.
Payment Institution
Buckingham Capital Consulting helps Hami obtain a payment institution licence in the UK to offer money remittance services.
Buckingham Capital Consulting advises Global Send on obtaining the Authorised Payment Institution licence.
Payment Institution
Buckingham Capital Consulting helps Onpoint Money Transfer obtain a payment institution licence in the UK to offer money transfer services.
Payment Institution
Buckingham Capital Consulting helps Dzing Financial obtain FCA Authorised Electronic Money Institution licence.
We help McMillan Cancer - one of Britain's largest charities obtain an FCA consumer credit licence to offer financial services.
Consumer Credit
Buckingham Capital Consulting helps HFS obtain its Electronic Money Institution licence in the UK with the FCA.
EMI
Buckingham Capital Consulting helps Europanpay obtain its Electronic Money Institution licence in the UK with the FCA
EMI
Download our free guide on FCA registration and authorisation and how to ensure a successful outcome with your application.
Our Publications
Success stories
Project: Nexpay
Overview
Nexpay approached us to help them secure their API (Authorised Payment Institution) licence. They required comprehensive support to navigate the regulatory requirements and ensure compliance, enabling them to provide seamless payment services across the UK and Europe.
Scope of our work
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Comprehensive application preparation and submission.
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Development of compliance policies and procedures.
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Risk assessment and mitigation planning.
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Integration of anti-money laundering (AML) systems.
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Staff training on regulatory compliance.
Outcomes delivered
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Successfully secured API authorisation from the FCA.
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Implemented a robust compliance framework tailored to regulatory requirements.
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Enhanced risk management processes to ensure ongoing compliance.
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Integrated advanced AML systems to prevent financial crimes.
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Equipped staff with the knowledge and tools to maintain compliance.
Conclusion
Through our comprehensive support, Nexpay successfully obtained their API licence and established a solid compliance foundation. The value delivered included a seamless authorisation process, robust compliance measures, and improved operational readiness, positioning Nexpay for long-term success.
Overview
Global Send sought our expertise to guide them through the Authorised Payment Institution (API) licence authorisation process. As a growing payment institution, they needed detailed support to meet regulatory requirements and establish a strong compliance framework for their international money transfer services.
Scope of our work
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Detailed project planning and regulatory roadmap development.
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Preparation and submission of API authorisation application.
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Compliance audit and gap analysis.
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Implementation of compliance monitoring systems.
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Continuous compliance advisory and support.
Outcomes delivered
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Achieved successful API authorisation, enabling market entry.
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Developed a clear regulatory roadmap, ensuring smooth compliance.
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Identified and addressed compliance gaps through a thorough audit.
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Implemented effective monitoring systems for ongoing regulatory adherence.
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Provided continuous support, ensuring Global Send stays compliant and up-to-date with regulations.
Conclusion
Our guidance enabled Global Send to secure their API licence and establish a robust compliance framework. The value delivered included successful authorisation, effective compliance strategies, and the ability to focus on growth while maintaining regulatory adherence.
Project: Global Send
Project: Onpoint Money
Overview
OnPoint Money Transfer required assistance in obtaining their SPI (Small Payment Institution) registration. They needed expert guidance to navigate the regulatory requirements and implement efficient operational processes to support their money transfer services.
Scope of our work
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SPI registration application preparation and submission.
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Creation of compliance policies and procedures.
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Financial management support, including reporting and audits.
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Integration of technology solutions for compliance and operations.
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Ongoing compliance and regulatory support.
Outcomes delivered
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Successfully obtained SPI registration, allowing OnPoint to operate legally.
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Established strong compliance policies and procedures.
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Improved financial management practices, ensuring regulatory compliance.
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Integrated advanced technology solutions to streamline operations.
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Provided ongoing support, maintaining regulatory compliance and operational efficiency.
Conclusion
Our comprehensive support enabled OnPoint Money Transfer to achieve SPI registration and enhance their operational and compliance frameworks. The value delivered included a smooth registration process, robust compliance and financial management practices, and the integration of technology solutions that supported their operational efficiency and growth.