Tip:
If your question is “Which category do I need?”, start with your actual flow-of-funds and settlement cycle.
Category selection is scope-first.
Do I need a Registered Agent to apply?
Yes. Applications are coordinated through appointed Registered Agents to ensure completeness and structured communication.
- Agent appointment precedes submission review.
- Agents coordinate clarifications and ongoing interface.
What is the difference between PSP and EMI?
PSP typically covers payment execution and related services. EMI covers issuance and redemption of electronic money (stored value),
usually with stronger safeguarding expectations.
- PSP: payment execution, acquiring-like activities (scope-dependent).
- EMI: issuing stored value / e-money with redemption rules.
What does “safeguarding” mean in practical terms?
Safeguarding is the control design that protects customer funds and proves traceability. It typically includes:
- Segregation/structure for holding funds.
- Reconciliation cadence and exception handling.
- Access controls, approvals, and audit trail.
Why do bank onboarding conversations stall for payment businesses?
Usually because the applicant cannot clearly explain flow-of-funds, settlement cycles, safeguarding, and monitoring controls.
The fastest fixes are:
- One-page settlement map + funds protection summary.
- Documented reconciliation process and evidence trail.
- Tailored AML/CFT and sanctions controls.
How do I verify a license?
Verification is performed via the Neves Licensing Authority public register. A PDF or screenshot is not verification.
Check:
- Entity name and license number
- Category and scope summary
- Status and effective dates
What are typical ongoing obligations after issuance?
Ongoing obligations typically include periodic reporting, safeguarding oversight, AML/CFT maintenance,
incident handling, and material change notifications. See:
Ongoing Obligations.
Can I apply for “all categories” at once?
Overbroad scope claims usually create delays. Category selection should match real operations and documented controls.
Start narrow, prove controls, and expand scope via a structured notification pathway (where applicable).
What typically triggers clarification requests?
The repeat offenders:
- Unclear settlement chain and netting/fees treatment
- No safeguarding model documentation
- Generic AML/CFT not tailored to products/corridors
- No monitoring thresholds or escalation rules
