Regulatory / Advisory: Paytech & Challenger Banking
Whether it is a technology company servicing the payment world – a software development team, a social network/phone manufacturer-turned-payment platform or a global card scheme, we know where you are coming from. We walk you through all legal steps to get you where you want to go. On the flip side, know even better how to navigate and assist your company, if it is a traditional payment/financial services operator going digital/mobile to keep on being competitive while making the most out of its client base.
The business of payments can indeed accumulate a lot of systemic risk and the payment rails and hubs lay out the necessary foundation of trust for a vibrant global economy. Thus, the regulatory framework is complex and rigid in some respects. The second iteration of the EU payment services directive and its emphasis on security alongside the NIS Directive require prior in-depth knowledge, technological savviness, and deep understanding of the interplay with the AML, GDPR and CRD/CRR legal regimes. Our team has been providing such advice for many years, to leading technological giant in the payment industry, challenger banks and one-stop-shop payment platforms. We possess the unique mix of skills to advise on the cross-over of essential services providers' infosec legal requirements, payment regulations and data privacy and anti-money laundering complex playbooks, combining EU and national legal provisions. We routinely draft the necessary contractual documentation comprising ICT outsourcing, Sponsorship / BIN Agreements, Acquiring Services, Representatives and Distribution Agreements, digital onboarding and regtech sourcing agreements, etc. Our regulatory team helps draft the entire internal documentation, including the business plan and the asset safeguarding and investment internal rules, to help speed track the client's licensing process. To provide a 360-degree service, we represent our client in front of all competent institutions, custodian banks and registry agencies, manage the trademark portfolio and take care of the client's trade secret and key personnel agreements.