Business bank accounts & PSP accounts
It goes without saying that the opening of a bank account is fundamental to any business.
It should be noted, however, that modern day banking is under growing scrutiny from national competent authorities and regulatory bodies who are concerned with the prevention of money laundering, countering of terrorist financing and the role they may play in tax evasion.
International banks are now facing strict rules under the ever-increasing standards of client identification and verification (Know Your Client: KYC). Banks are required to examine and scrutinise prospective clients; for firms, this may mean providing comprehensive company information as well as information on its directors and shareholders.
At FAI Comply, we have developed a banking network and expertise which enables us to not only advise our clients on the most suitable bank for them, but also to assist in the increasingly complex bank account opening process through the collection and proper completion of many documents, as well as interviews and meetings with bank representatives.
With our knowledge and experience of the numerous procedures, opening a bank or PSP account for your company need not be a complicated matter.
What can FAI Comply do for your business?
Provide professional advice on the selection and collaboration with well-established banks and Payment Service Providers.
Suggest the most suitable bank or PSP and practical options in accordance with your specific needs and requirements of your business.
Professionally undertake the bank account or PSP opening process, ensuring the process is as fast and integrated as possible.
Keep you up to date on your bank account status throughout the opening process.
Requirements regarding information vary according to the jurisdiction of incorporation and house policies of specific banks and PSPs.
Each bank and PSP has its own requirements for account opening. Requirements regarding information vary dependent on the jurisdiction of incorporation and house policies of specific banks. Please contact us to help you choose the right banking institution for your business activity.
What is a Payment Service Provider (PSP)?
The PSP model is different from a standard merchant account or payment gateway because it can integrate with multiple payment methods within a single platform. This offers a big advantage for national and international payments. A PSP encompasses payment processing, money collection and is responsible for contracts with banks and card acquirers for settling the funds collected. When you use a PSP for your business, you are not tied to one bank or payment network – your business will benefit from multiple integrated e-payment solutions such as e-wallets, e-banking and credit/debit cards.
Payment Service Provider: The key benefits
You only enter one contract to gain access to multiple banks and payment methods.
You can add new payment methods quickly and easily.
PSP fraud prevention resources and security reduce the risk of loss of revenue to your business.
If you need advice or assistance in choosing the best business bank or PSP account for your business, our professional services will navigate the process quickly.
GDPR compliance services
With our experience in implementing GDPR, FAI Comply is able to assist organisations of all sizes to meet the requirements of the regulation and tailor the best approach to suit your needs.
Compliance training seminars
No matter what industry your organisation is in, legal and regulatory compliance is essential to protect it and your employees. This is particularly relevant for the finance sector, as the increased demand for digital services has expanded the regulatory environment and increased the need for compliance.
Bank & PSP accounts
Each bank has its own requirements for account opening. Requirements regarding information vary dependent on the jurisdiction of incorporation and house policies of specific banks. Please contact us to help you choose the right banking institution for your business activity.