Publication Date: December 6, 2016
In late October, October 28โ29, 2016, Paysto's management participated in a highly specialized international seminar "RUNNING PAYMENT PROCESSING BUSINESS IN EUROPE", organized by Advapay at the picturesque Vihula Manor Country Club & Spa in Estonia.
Unlike large-scale forums, this seminar was organized as a club meeting for a small circle of professionals (about 50 people). This format allowed for deep and productive discussions on the most pressing issues related to the creation and management of Payment Institutions (PI) and Electronic Money Institutions (EMI) in the European Union.
๐๏ธ Strict Regulation and Licensing โ
The main focus of the seminar was on a comprehensive approach to running a payment business, where legal and regulatory aspects play a key role.
For the Paysto team, the following topics were of greatest interest:
- Licensing in the EU: Detailed discussion of European regulators' requirements (including Estonian FIE) for capital, management structure, and business plans to obtain PI/EMI licenses. We deepened our knowledge in the area of harmonization of payment legislation within the EU, which is critically important for our cross-border activities.
- IT Infrastructure: An overview of ready-made solutions and best practices for creating a reliable and secure IT platform capable of meeting high standards for processing and storing client data.
๐ Focus on AML and Security โ
In light of the growing EU requirements for transparency of financial operations, a significant part of the seminar was dedicated to issues of anti-money laundering (AML) and cybersecurity.
- New AML Challenges: We participated in lively panel discussions on how to effectively implement and maintain KYC (Know Your Customer) procedures, especially when working with clients from high-risk jurisdictions.
- Partnerships: Exchange of experience on establishing and maintaining stable partnerships with correspondent banks and major payment systems, for whom strict AML compliance is a mandatory condition.
๐ก Value of the Club Format โ
The advantage of the seminar at Vihula Manor was the opportunity for direct dialogue with leading lawyers, auditors, and technical specialists. Such an informal but in-depth level of communication allowed Paysto to obtain exclusive information and confirm the correctness of our chosen path in terms of compliance and technological development.
Participation in such specialized events allows Paysto not just to follow current trends, but to set standards for running a payment business, ensuring maximum reliability and legal purity of operations for our clients in Europe.