Case Study: payment services firm offering B2B Direct Debit
A payment services firm offering B2B direct debit services approached us to assist them in becoming authorised with the FCA. By drafting and managing their FCA application, training them in compliance regulations, the Revised Payment Services Directive (PSD2) and General Data Protection Regulations (GDPR), we were able to register them as a Small Payment Institution (SPI) with the FCA and gain the necessary permissions.
As we continued offering our ongoing support and advice, the firm’s business developed until its monthly transactions totalled over £3 million. According to FCA regulations, any Payment Service Institution (PSI) whose monthly payment transactions exceed £3 million must become registered with the FCA as an Authorised Payment Institution (API), which we were happy to successfully facilitate.