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PSP license in Georgia

Published:
May 22, 2023

In modern countries, or remittance service providers are controlled by the National Bank of country, which oversees and supervises the remittance system in the country. PSPs are defined as business-companies that supply payment favors, including issuance of payment instruments, acquisition of remittance transmissions, and remittance favors.

To control as a remittance favors supplier in Georgia, a permission from the National Bank is needed. The Payment transfer license in Georgia was published under the country’s remittance methods and Payment Services Act of 2018, which governs the operation of PSPs in the state. All PSPs are required to obtain a permission , regardless of their size or type of operation.

Requirements for payment service providers 

Several demands must be met. These requirements were established by the National Bank of Georgia to ensure safe, secure and compliant operations of PSPs. Here are some of the most important demands:

  • Legal Entity Registration: The company must be enrolled as a legal entity in country with a clear ownership structure that meets the standards of the National Bank.
  • Shareholders and administration : The firm must have sharers and administration personnel who meet the eligibility criteria of Bank. This includes ensuring shareholders and management have no criminal records and are financially stable.
  • Minimum Capital demands: PSPs must meet the minimum capital destipulated by Bank. Minimum capital demands vary depending on the type of remittance favors provided by the PSP.
  • Infrastructure and technical capabilities: The PSP must have adequate infrastructure and technical capabilities to provide remittance favors. This includes having a robust IT system, network safety, and disaster recovery plan.
  • Risk administration system: The PSP must have a sound risk administration system in place, including dimensions to avert fraud, money laundering, and terrorist sponsoring.
  • Reporting and compliance: The PSP must comply with all reporting and compliance requirements set by the National Bank, including providing regular reports on their operations and monetary position.
  • Fit and proper assessment: The National Bank will conduct a fit and proper assessment of the PSP’s shareholders and management personnel. This includes assessing their character, competence, and financial standing.
  • Business plan: The firm must supply a business plan outlining the proposed payment favors to be offered and how the PSP plans to operate in the market.
  • Anti-money laundering and counter-terrorism sponsoring dimensions: The PSP must have effective degree in place to avert money laundering and terrorist sponsoring, in line with country’s laws and regulations.
  • Consumer protection: The PSP must have adequate measures in place to protect consumers, including transparency in fees and charges, dispute resolution mechanisms, and customer complaint handling procedures.

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How to obtain psp license in Georgia

To get psp license in Georgia, there are certain steps that need to be followed. Here is an overview of the process:

  1. Determine the type of license required: The National Bank of country issues different types of licenses for PSPs depending on the nature of their operations. Therefore, it is essential to determine the specific type of Payment system license in Georgia needed before beginning the request process.
  2. Gather all the necessary papers: The applicant will need to prepare and submit a set of papers as part of the permission application process. These may include, but are not limited to:
  • A business plan outlining the proposed remittance services to be offered by the PSP.
  • Proof of legal registration of the PSP as a legal entity in country.
  • Evidence of the ownership structure and the identities of the sharers.
  • Details of the management team and their experience.
  • Evidence of the monetary standing, including audited monetary statements.
  • A risk management plan outlining how the PSP plans to mitigate potential risks and comply with anti-money laundering and counter-terrorism sponsoring regulations.
  • Technical documentation, including details of the PSP’s IT system, network security, and disaster recovery plan.
  1. Submitting the Application: After preparing all the required papers, the applicant can apply the request to the National Bank of state . Applications can be fulled in person or online, depending on the needs of Bank.
  2. Review Process: Once the request is received, the National Bank reviews it and may request further info or papers. The review process can take up to 90 days, depending on the complexity of the request.
  3. Licensing: If Bank is satisfied with the request, it will issue a PSP permission to the applicant. Permissions are valid for a specific period of time, usually one year, and can be renewed after expiration.
  4. Compliance and Reporting: Once licensed, a PSP must comply with all regulatory requirements and submit regular reports to Bank. Failure to comply with these requirements may result in license suspension or revocation.

In summary, achieving a Payment gateway license in Georgia requires careful preparation and conformity with all regulatory demands. By next the above steps, PSPs can ensure a smooth and successful request operation.

Benefits of obtaining a permission

  • Simple procedures of achieving a Money remittance license in Georgia: Achieving a permit to supply remittance favors in country is a relatively easy and quick process compared to other states. The National Bank of state offers an electronic system for applying for a license, which allows you to significantly reduce the time it takes to consider your application and the cost of filing it.
  • Stability and Trust: Georgia has a stable political and economic environment, making businesses view the country as trustworthy and reliable. In addition, the regulatory institution – the National Bank of country – has a good reputation and promotes the development of the country’s monetary market.
  • Location: Georgia’s location at the intersections of EU and Asia provides PSP with access to many international markets and business development opportunities.
  • Low costs: Georgia has a low cost of living and doing business compared to other countries in Europe and the world, which ensures lower costs for renting office space, employee wages and other costs.
  • Opportunities for development: Georgia is a country with high potential for the development of various business sectors, including payment services.

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