Under the new payment services rules, all non-bank payments companies are required to apply for reauthorisation to ensure PSD2 compliance. With the deadline for applications just under six months away, payments companies that have not already started the process are under significant pressure to submit their application on time, while continuing to meet their day-to-day compliance duties.

As experts in financial services compliance, fscom’s PSD2 Taskforce is working with FinTech payments and e-money institutions to deliver a complete solution to the process. Key elements of the service include:
• Risk assessments to create priority/ risk rated action plans
• Explaining the new obligations under PSD2
• Developing appropriate systems and controls
• Application submission
• Assistance with post-submission queries

Alison Donnelly, Director at fscom and head of the PSD2 Taskforce, comments ‘PSD2 requires authorised payment and e-money institutions to provide evidence that they meet specified standards and have certain systems and controls in place. While some payment and e-money institutions may have these in place already, others will be starting from scratch.

Given most compliance teams are working at capacity for their business as usual, they are likely to need assistance. Whether that is to understand the questions being asked of them and a review of the documents they have produced, or a full project-managed service, we can assist.”

With the implications of missing the deadline so high, payments and e-money firms cannot afford to misinterpret what is required of them or get swamped down with everyday tasks.

Donnelly continues, “We consult regularly with the FCA and understand what they require to grant an authorisation. To date we’ve helped many of the big payments players secure authorisations, and develop compliance systems and processes that add real value to their businesses.”