BWS received a request of cooperation with a primary management consulting company in the preparation of the necessary documents for the submission of an application for an Electronic Money Institution license under the Payment Service Directive 2.
The support consisted in providing skills, knowledge and drafting of the documents attached to the authorization application, in order to operate in the field of i) Payments by electronic money, ii) Consumer credits within the limits allowed by PSD2, iii) Issuance and management of credit and debit cards enrolled in international card schemes.
In order to produce the filing for the license application, the team that BWS joined was requested to produce a full set of deliverables, that included:
• The EMI business case
• The description of the business organization and outsourced services
• The drafting of policies and procedures, accompanying the authorization application
• The business model and operating model proposed for the EMI
• The application architecture and the Execution architecture
• The outsourcer selection and assessment.
As in any license application, high importance was assigned to the processes and the internal controls framework, whose expected deliverables required the analysis of multiple EU Directives, local laws and Central Bank regulations.
BWS expertise and knowledge in this business domain have been key to analyse the legal framework which the EMI should comply with and determine the perimeter of the statement of work.
BWS competence has also been an accelerator for the design of the operating platform, based on a full outsourcing model.
The dossier for the license request was prepared, validated and submitted to the Authority, now waiting for approval.