PSP Lab

With the deadline to have a plan on how your institution will comply with the new FCA’s Consumer Duty rules approaching next Monday, we have prepared a summary and a guide on the rules that are due to come into force.

We have attended numerous seminars, consulted with industry peers and used our own expertise and prepared the most concise guide for payment and e-money firms, with solely relevant examples. Click on the link below to check out our summary and have the possibility of downloading the guide.

psplab.com

Rare opportunity to acquire 100% control in a successful remittance company, operating as a payment institution in Europe.

The company is 4 years old and has been authorised as a payment institution by the Bank of Lithuania to provide Money Remittance and Currency Exchange Services.

The company has passporting in all 29 EEA countries: Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Slovenia, Romania, Slovakia, Spain, Sweden.

The company has one safeguarding bank account, 40+ different pay-out partners, supporting 120+ pay-out methods in addition to conventional bank transfers.

The company owns the IP rights in the proprietary core remittances platform which was developed specifically for its business. The core platform has fully automated onboarding, transactions monitoring, Bank of Lithuania reporting module). The core platform is integrated with Ondato and iDenfy remote identification, biometric checks, AML/CTF, PEP and sanction screening applications, automated AML/CTF/Fincrime monitoring. The operations are managed by a small team of professionals, most of whom will be willing to continue their work under the new management.

The company has 46,000 registered clients with verified e-mails, 11,000 verified clients with valid passports/ids. The company has reached breakeven, 2020 profits were EUR87,000, 2021 profits were EUR72,000.

The current owner decided to exit the payments business and concentrate on his other business – bespoke IT platforms and solutions development. Offers circa EUR600,000 from fit and proper investors, whose application for the change of control would be accepted by the Bank of Lithuania, will be considered.

Embedded finance can take many forms, from payments processors that are built into mobile operating systems to insurance offerings that are integrated into the software of a car. The benefits of embedded finance are many. For businesses, it can mean lower costs and greater efficiency. For consumers, it can mean a better, seamless experience when paying for goods or services. And for fintech companies, it means reaching a larger audience and getting their products and services into the hands of more people. There are many different types of fintech products and services, and the applications for embedded finance are endless. Building upon our previous article titled “What Is Embedded Finance? 5 Eye-opening Reasons Why You Should Know” and in response to enthusiastic feedback received from our readers, we have written this follow-up article. In it, we discuss embedded finance sectors, specific embedded finance companies, and embedded finance use cases while having in mind 30 real-life examples.

Embedded finance use cases from 30 embedded finance companies. - PSP Lab Must-read article about embedded finance use cases in four different areas (payments, BNPL, Insurance, wealth management) from 30 hot embedded companies.

The future is now. The industry has grown by leaps and bounds over the past decade, and the pace of change is accelerating. Last ten years we have seen the rise of non-bank PSPs and other types of non-bank financial service providers. However, the new trend is about non-financial companies embedding financial services into their business model (most of the time this will be done with the help of licensed services providers). Regardless of whether it is feasible for your business to change its business model to enter the embedded finance industry or not, you should still know the basics of the concept. In our article, we have explained what embedded finance is and why more and more companies will choose to embed financial products into their offerings. Click on the button below to expand your knowledge of the industry.

https://psplab.com/what-is-embedded-finance-5-reasons-to-know/

What Is Embedded Finance? 5 Eye-opening Reasons Why You Should Know - PSP Lab Embedded finance is now a hot topic for those who know at least something about FinTech and are seeking to expand their business and further monetize their

Failing firms in the financial service sector have caused severe damage to trust. Some of the recent administration cases involving payment and e-money institutions have taken years to resolve, with customers left without access to their money for prolonged periods and receiving reduced monies after deducting the cost of distribution. Reflecting on these issues, the government has recognised it as a systemic problem and passed the Payment and Electronic Money Institution Insolvency Regulations 2021 that establishes a special administration regime for payment and e-money institutions.

To help you understand what has changed, we have prepared an article that describes the main objectives and measures outlined within the aforementioned regulations. This detailed overview will be helpful to each firm in order to understand what is important even whilst being solvent in order to avoid the worst practices that can lead to devastating damage to the shareholders' and management's reputation.

https://psplab.com/special-administration-regime-payment-and-electronic-money-institution-insolvency-regulations-2021/

The best explanation of the special administration regime under the Payment and Electronic Money Institution Insolvency Regulations 2021 - PSP Lab Detailed explanation and overview of the special administration regime under the Payment and Electronic Money Institution Insolvency Regulations 2021.