Providing IBAN services is a regulated activity that requires authorisation from the FCA in the UK and/or the central financial services regulator in other European countries. To provide IBAN services, businesses need to obtain the Electronic Money Institution (EMI) licence.
At Buckingham Capital Consulting (BCC), we have been helping IBAN providers navigate the regulatory landscape for over 12 years. Our expert team assists in securing both UK FCA and European EMI authorisations, ensuring a smooth and successful application process.
Beyond licencing, we support our clients on an ongoing basis with comprehensive reporting, compliance, audits, and advisory services. Our friendly and approachable team is here to guide you every step of the way, making regulatory compliance straightforward and stress-free.
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 IBAN account providers
Buckingham Capital Consulting assists IBAN providers 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 IBAN providers, 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 and operating successfully.
European EMI Authorisation
We assist you in obtaining electronic money 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 IBAN providers, 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 IBAN providers, 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 IBAN providers, 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 IBAN providers, 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.
IBAN issuance licence guide
Steps to Obtain an IBAN Issuing Licence
Preparing Your Application
To offer IBAN services, you must obtain the EMI licence from the FCA. Here’s how to get started:
Business Plan and Financial Forecasts
The FCA will expect you to provide detailed information about your business plan, business model, financial forecasts, and a competitor analysis. Your business plan should include:
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A comprehensive overview of your business objectives and strategies.
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Financial forecasts covering at least three years, demonstrating the viability and sustainability of your business.
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An analysis of your competitors and the market landscape, showing your understanding of the market and how you plan to position your business.
Programme of Operations
Clearly describe the IBAN services you intend to provide. This should include:
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The types of IBAN accounts you will issue.
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The features and functionalities of these accounts.
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The target market for your services.
Business Organisation and Management Structure
The FCA requires detailed information about your business organisation. You will need to outline the legal structure of your company and provide information about your management team, including the CEO, Chief Operations Officer (COO), and the Money Laundering Reporting Officer (MLRO). Highlight the qualifications and experience of your management team to demonstrate their capability to run the business effectively.
Initial Capital Requirements
To obtain a licence, you must demonstrate that you have sufficient initial capital. The FCA typically requires a minimum initial capital of £350,000. This ensures that your business has the financial stability to operate and meet its obligations.
Compliance and Safeguarding Measures
The FCA requires robust compliance and safeguarding measures to protect consumers and ensure the integrity of the financial system. You must outline how you will safeguard users' funds, including:
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Detailed procedures for segregating customer funds from your business funds.
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Measures to protect funds in the event of insolvency.
Compliance and Governance Arrangements
Your compliance framework will be scrutinised by the FCA. You need to provide a comprehensive compliance policy that includes procedures for ensuring adherence to all relevant regulations. Additionally, outline the governance arrangements that detail the roles and responsibilities of your compliance team.
Security Incident Procedures
Your application must include detailed procedures for monitoring, handling, and following up on security incidents. This should cover:
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Steps for identifying and responding to security breaches.
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Processes for reporting incidents to the relevant authorities and affected customers.
Sensitive Data Processes
Demonstrate how you will handle sensitive payment data securely. This includes:
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Procedures for data encryption, storage, and access control.
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Measures to ensure data privacy and compliance with data protection regulations.
Business Continuity Measures
The FCA requires a robust business continuity plan to ensure your operations can continue in the event of a disruption. Your plan should include strategies for dealing with various types of disruptions, such as:
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IT failures.
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Natural disasters.
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Procedures for maintaining critical business functions during a crisis.
Submitting Your Application
Once you have prepared all necessary documentation, you will need to 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 the EMI licence is £5,000. This fee must be paid when submitting your application.
Regulatory Review and Approval
The FCA typically takes up to three months to review a complete application and make a decision. To avoid delays, ensure that your application is thorough and meets all regulatory conditions.
Services Enabled by the IBAN Issuing Licence
Once regulated, you can offer a range of services, including:
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Issuing IBAN accounts to consumers and businesses.
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Enabling customers to receive and send payments using their IBAN accounts.
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Providing secure and efficient payment solutions for various transactions.
Conclusion
Navigating the licensing process for issuing IBAN services in the UK can be complex, but with the right preparation and guidance, you can successfully obtain the necessary licences. Buckingham Capital Consulting is here to assist you at every step, ensuring that your application is complete, compliant, and stands the best chance of approval.
For more detailed information, consult the relevant regulatory resources or contact us for tailored advice and support.
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
EMI Success stories
Project: Dzing Financial
Overview
Dzing Financial approached us to help them obtain their EMI authorisation and establish a robust compliance framework. They needed comprehensive support to ensure they met all regulatory requirements and could operate smoothly in the competitive financial markets of the UK and Europe. Our goal was to provide end-to-end assistance, from application submission to ongoing compliance management.
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 EMI authorisation from the FCA.
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Implemented a comprehensive 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
By partnering with us, Dzing Financial was able to navigate the complex EMI authorisation process efficiently and effectively. Our comprehensive support ensured they not only met all regulatory requirements but also established a solid foundation for future growth. The value delivered included a seamless authorisation process, robust compliance measures, and improved operational readiness, positioning Dzing Financial for long-term success.
Overview
Hryze sought our expertise to guide them through the EMI authorisation process and provide ongoing compliance support. As a growing e-money institution, they needed a clear regulatory roadmap and comprehensive compliance strategies to ensure sustainable growth and regulatory adherence in the UK and European markets.
Scope of our work
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Detailed project planning and regulatory roadmap development.
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Preparation and submission of EMI 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 EMI 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 Hryze stays compliant and up-to-date with regulations.
Conclusion
With our guidance, Hryze successfully obtained EMI authorisation and established a strong compliance framework. Our ongoing support ensured they could navigate the regulatory landscape with confidence. The value delivered included a successful authorisation, effective compliance strategies, and the ability to focus on growth while maintaining regulatory adherence.
Project: Hryze
Project: Europanpay
Overview
Europanpay required assistance in obtaining EMI registration and enhancing their compliance and operational frameworks. As an emerging player in the e-money sector, they needed support in navigating the regulatory requirements and implementing efficient operational processes to ensure compliance and support their growth ambitions.
Scope of our work
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EMI registration application preparation and submission.
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Creation of robust 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 EMI registration, allowing Europanpay to expand.
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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
Through our comprehensive support, Europanpay was able to achieve EMI registration and enhance their operational and compliance frameworks. The value delivered included a smooth authorisation process, robust compliance and financial management practices, and the integration of technology solutions that supported their growth and operational efficiency. Europanpay is now well-positioned to thrive in the competitive e-money sector.