A license for a Payment Service Provider (PSP) is included within the broad ambit of payment systems in Switzerland. The licensing of Payment Systems is covered under the broad ambit of ‘payment systems’ under the Financial Market Infrastructure Act of Switzerland.
An application for a Switzerland Payment Service Provider has to be made to the Swiss Financial Market Supervisory Authority. Applicants may need to comply with the Banking Act, the Anti-Money Laundering Act, the Consumer Credit Act, and the National Bank Act. They may also need to comply with any additional regulations or guidance issued by the competent authorities.
A license is required under the Financial Market Infrastructure Act for all organizations which provide payment services. The FMIA may evaluate the financial stability of the applicant based on the funds available with the applicant and the experience of the applicant in this field. The type of licenses which may be required for an applicant will be decided by the regulators based on the business plan and functional model of the applicant.
In addition to the licensing requirements, there is a monthly reporting requirement for e-money issuers and acquirers exceeding a threshold of CHF 50 million. The threshold for monthly reporting is set at CHF 100 million for payment system operators who deal with payment processing and settlement only.
Empire Global has a team of experienced professionals who will assist you through the entire process of the Switzerland Payment Service Provider application including assistance in the preparation of documents, submission of application, and responding to any queries from the BaFIN. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Switzerland Payment Service Provider.