Success factors

Making a difference

You can also speed up the process yourself. Below, we list how you can do so. We have looked at successful past applications to identify success factors. Obviously, completed and high-quality applications will be more successful.

The success factors for a smooth application for authorisation:

◾Thorough preparations

Be sure to understand the various aspects involved in an application, and why and how we assess its components. We have placed the following background information on our Open Book on Supervision website:

The relevant sections of the law , so that you know the statutory provisions that apply
Notes to the authorisation application form , listing for each subject what we expect from you
List of payment services requiring authorisation, against which you can check whether your enterprise actually needs authorisation, preferably with the help of a legal expert

◾Fully completed application

This may sound like stating the obvious, but if your application is incomplete, we cannot start considering it and will ask you to provide more information. This will take time, and our consideration period will not commence. So be sure to submit a complete application. More detailed instructions are provided in the application form and the notes .

◾High-quality application

If you thoroughly substantiate your application, demonstrating for each aspect how you satisfy the requirements, we will be able to assess those aspects swiftly. High-quality information provides strong "evidence" in support of your application and enables us to go through the process more quickly.

◾Consult a legal adviser

Practice has shown that applications are often more complete and of a substantially higher quality if the applicant has sought advice, for example from a legal expert or an auditor who specialises in the Dutch Financial Supervision Act (Wet op het financieel toezicht – Wft). We can assess a complete and well-founded application more quickly and more thoroughly.
◾Checklist
We often note the same oversights. Before submitting your application, be sure to go through the following

checklist.

◾Does your enterprise have sufficient capital (own funds and solvency)?
◾Is segregation of assets guaranteed (safeguarding of funds)?
◾Are financial statements available so that we can verify the figures of your enterprise?
◾Has an auditor issued an unqualified opinion on the financial statements?
◾Does the enterprise have a footprint in the Netherlands?
◾Are there any integrity issues or antecedents involving proposed policymakers or co-policymakers? Applicants sometimes propose to appoint a director on whom we, or another supervisory authority, previously issued a negative decision or who is the subject of a criminal investigation. Be sure to check such matters in advance.

Information for payment service providers

• Licensing requirement for payment service providers (overview)
• What is a payment service provider?
• Payment services requiring authorisation
• Payment services not requiring authorisation
• Exemption from the authorisation requirement
• Applying for authorisation
• Application form and notes
• Application process (10 steps)
• Fees charged upon application
• Success factors
• Ban on operating as a payment service provider without authorisation
• The public register
• Payment service providers having their registered office in another EEA country
• Laws and regulations on the market access of payment service providers
• Current developments and events
• Contact

Q&A’s Payment institutions

Q&A by the European Commission