Payment Services
Since 2013, Buckingham Capital Consulting has been dedicated to helping payment institutions, from start-ups to established entities, achieve regulatory compliance and secure necessary licences. Our expertise ensures that you can confidently navigate the complexities of the UK and European financial markets, enabling your business to scale and succeed.
Introduction
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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."
Since 2013, we've assisted numerous payment institutions in managing regulatory complexities. Our services encompass licencing, compliance, and consulting, tailored to the specific needs of businesses across the United Kingdom and Europe. With deep knowledge of payment regulations, we're well-positioned to guide firms of all sizes through the evolving regulatory landscape.
Our services for Payment Institutions
Buckingham Capital Consulting assists payment institutions 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 both markets.
We guide you through the FCA authorisation process for payment institutions, 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 Payment Licence
We assist you in obtaining payment institution licencing 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 payment institutions, 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 payment institutions, 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 institution.
Financial Management
We provide comprehensive financial management services, including financial reporting, accounting, and audits, ensuring your e-money institution maintains accurate records and meets all financial regulations. Our team helps you streamline financial operations, enhance transparency, and ensure compliance, supporting your institution's financial health and regulatory adherence.
Banking as a Service (BaaS)
We deliver comprehensive Banking as a Service solutions for fintechs looking to launch quickly to market. Our BaaS offering enables you to operate under partner licences, handling integration and compliance to ensure smooth market entry. Our services include partner selection, onboarding support, and implementation management, helping you meet all requirements to operate effectively and compliantly.
Why Buckingham Capital Consulting
Whether its compliance, licence 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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Launch Your Fintech in 2 Weeks With Our Fast-Track BaaS Service
While your own licence authorisation application is being processed, our Banking as a Service solution enables you to launch your fintech in as little as 2 weeks, across the UK and Europe. Operate under our partner licences with full compliance support while we secure your permanent licence authorisation.
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.
We can help launch your fintech
Issue cards & IBANS across the UK and Europe
We can help you provide branded debit cards to personal or business users issued by Visa or Mastercard.
Issue prepaid cards across the UK and Europe
We can help you provide cards for general spend, payroll, loyalty, travel, corporate expense or for other use.
Issue e-wallets across the UK and Europe
Enable your customers to store money and digital currency in digital wallets across multiple currencies.
Launch a global money transfer business solution
Enable your users to send money globally, across Asia, Europe, Africa and the rest of the world.
Launch payment processing and merchant services
With a single licence, enable merchants and retails, both physical and online, to accept card payments.
Launch innovative payment solutions
Provide money management tools and open banking (AIS/PIS) solutions to your customers.
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
Key information and requirements for the payment institution licence
Key requirements
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Minimum Capital: €20,000 - €125,000, depending on the payment services.
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Personnel: Appointment of an experienced CEO and MLRO as a minimum.
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Physical Presence: A local office is required to manage operations.
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Governance: Implementation of robust governance frameworks for risk management and compliance.
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Safeguarding: Secure arrangements must be in place for safeguarding client funds.
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IT Systems: A secure and compliant IT infrastructure is essential for managing transactions and client data.
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Outsourcing: Oversight and clear management of any outsourced functions are necessary to ensure compliance.
Required Documentation
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Business Plan: Detailed model with forecasts and analysis.
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AML/KYC Policies: Comprehensive AML and KYC procedures.
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Corporate Governance: Governance structure with roles.
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Organisational Structure: Chart with key personnel.
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Capital Evidence: Proof of capital and financial health.
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Safeguarding Arrangements: Secure client fund procedures.
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Outsourcing Arrangements: Oversight plans for outsourced activities.
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Risk Management Framework: Comprehensive risk strategies.
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IT Security: Detailed IT security policies.
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Compliance Monitoring: Ongoing compliance procedures.
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Physical Office: Proof of phyiscal office.
Our services
Application Management & Submission: We handle the full application process, from completing forms to liaising with the FCA.
Tailored Policy Creation: We’ll draft essential policies for you, ensuring they meet regulatory standards.
Expert Regulatory Guidance: Our team offers strategic advice on compliance, governance, and risk management to keep your business on the right track.
Ongoing Compliance Support: Post-authorisation, we provide continuous support to help you stay compliant and navigate any regulatory challenges.
Other important information
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What is a Payment Institution Licence? A payment institution licence allows providing payment services like money remittance, processing, and issuing payment instruments.
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Cost to Obtain a payment institution licence: The cost includes a £1,500 to £5,000 FCA fee, initial capital, and our fee. The fee varies in Europe.
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Time to Obtain a PI Licence: It typically takes up to 6 months to obtain the payment institution licence.
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Difference Between PI and EMI: Payment institution provide payment services but can't hold funds; EMIs issue electronic money. e.g. e-wallets.
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Services Provided with a PI: Money remittance, payment processing, issuing payment instruments like prepaid cards.
Download our free guide on FCA registration and authorisation and how to ensure a successful outcome with your application.
Our Publications
Success stories
Project: Nexpay
Overview
Nexpay approached us to help them secure their API (Authorised Payment Institution) licence. They required comprehensive support to navigate the regulatory requirements and ensure compliance, enabling them to provide seamless payment services across the UK and Europe.
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 API authorisation from the FCA.
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Implemented a robust 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
Through our comprehensive support, Nexpay successfully obtained their API licence and established a solid compliance foundation. The value delivered included a seamless authorisation process, robust compliance measures, and improved operational readiness, positioning Nexpay for long-term success.
Overview
Global Send sought our expertise to guide them through the Authorised Payment Institution (API) licence authorisation process. As a growing payment institution, they needed detailed support to meet regulatory requirements and establish a strong compliance framework for their international money transfer services.
Scope of our work
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Detailed project planning and regulatory roadmap development.
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Preparation and submission of API 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 API 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 Global Send stays compliant and up-to-date with regulations.
Conclusion
Our guidance enabled Global Send to secure their API licence and establish a robust compliance framework. The value delivered included successful authorisation, effective compliance strategies, and the ability to focus on growth while maintaining regulatory adherence.
Project: Global Send
Project: Onpoint Money
Overview
OnPoint Money Transfer required assistance in obtaining their SPI (Small Payment Institution) registration. They needed expert guidance to navigate the regulatory requirements and implement efficient operational processes to support their money transfer services.
Scope of our work
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SPI registration application preparation and submission.
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Creation of 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 SPI registration, allowing OnPoint to operate legally.
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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
Our comprehensive support enabled OnPoint Money Transfer to achieve SPI registration and enhance their operational and compliance frameworks. The value delivered included a smooth registration process, robust compliance and financial management practices, and the integration of technology solutions that supported their operational efficiency and growth.