MONEXT wanted to evolve its service offering towards the provision of payment services (collecting and issuing payment cards), in order to support the development of its clients in Europe and to respond to the market opportunities increased by the implementation of the PSD2. This development involved obtaining a hybrid payment institution licence and transforming its business and processes.
The challenge was not only to be able to respond quickly to market expectations, but above all to ensure that the regulator's expectations were taken into account operationally in a context of constantly changing regulations.
The perfect match
Drafting of the PI application file
Pragmatic & hybrid approach
And concretely?
Control
of activities and anticipation of problems
Compliance
with deadlines
Successful
application for accreditation
Our methodology
Understand the business and adopt a pragmatic approach by capitalising on the existing to successfully implement the operational transformation.
Scope
Understanding the client's context, challenges and organisation through a series of interviews with key stakeholders and analysis of existing processes. <br><br>Carrying out workshops and chamber work in order to establish the program of activities, the operational model and the detailed plan of the accreditation file.
Consolidate
Declination of the program of activity and the operational model at the required level of granularity.
Drafting and consolidation of the approval file in the format expected by the ACPR, involving the internal teams.
Checking the consistency requirements between the different parts and compliance with the formalism expected by the ACPR.
Explain & implement
Supporting exchanges between the client and the ACPR on the regulator's questions and reservations and, if necessary, adapting and then deploying the validated systems and procedures in order to ensure the necessary transformation to meet the challenges of the new regulated activities. <br><br>Obtaining final accreditation as a hybrid payment institution, enabling the launch of new service offers within the timeframe set by the client.
Lifting the reserves
Advice to ensure that the ACPR's expectations are taken into account and that they are applied operationally in order to lift the conditions precedent to the accreditation granting. <br><br>Obtaining the final accreditation for hybrid PE allowing the launch of new service offers within the timeframe set by the client.
Crossed views
To meet MONEXT's wish to entrust us with the writing of the entire accreditation application file, we teamed up with a lawyer specialising in the field of payments and validated the proper integration of the internal control framework built for the Payment Institution within the systems of MONEXT's parent group.
Thierry Leblond
Head of Payment Advisory | Oaklen Consulting
Oaklen's expertise in payment, its knowledge of the accreditation process and its pragmatic support approach were key factors in the success of our process, with accreditation being obtained in just 12 months.
Sébastien Cohidon
Member of the Management Board, Head of Payment Services | MONEXT
