Payment Institutions (PIs)Vertu offers set-up and authorization
services for a Payment Institution (PI)
license and post-license compliance support.

Payment Institutions (PI) are instrumental in making e-commerce and electronic payment possible across EEA and the Single European Payments Area (SEPA). The provision of such services is regulated by EU Directives and enforced by Member States’ regulators.

The provision of Payment Services in Cyprus and the EU is regulated by the Payment Services Directive of the European Union (PSD), which is transposed into the national legislation of Cyprus via Law 128(1) of 2009.

Vertu offers set-up and authorization services for a Payment Institution (PI) license and post-license compliance support. With this license, a PI may offer its services freely in the entire European Union.

Our services include

• Prepare/review documentation of the license application for PI including Operational manuals, Internal Regulations Manuals, Business Plan, Organisational Structure, AML manuals, and procedures.
• Guide you and respond on your behalf with the regulatory authority until you get your approval.
• Identify for you relevant personnel and qualified directors.
• Offer you full compliance consulting to stay compliant with regulations once you have been authorized.