fscom was engaged by a payment service provider who was looking for an e-money licence in Ireland as part of its Brexit plans.
Project background and objectives
The project objective was to set up an Irish entity and become authorised with the Central Bank of Ireland (CBI) as an electronic money (e-money) institution.
Our approach
As with all clients, we implemented our engagement management approach which ensures clarity on the project goals, timescales for delivery, knowledge transference and also a robust Quality Assurance process to maintain our high delivery standards.
We initiated the project by setting up a meeting with the project team from fscom and the client where project objectives were discussed, a detailed project plan was reviewed and finalised, a project charter and key milestones developed, protocols signed off, governance and escalation structures communicated and existing policies and procedures reviewed. Potential key issues and risk areas were also discussed and controls agreed within this initial meeting.
The project delivery stage included working with internal stakeholders to transfer knowledge on the regulatory obligations and to prepare for authorisation and compilation of the application pack and submission to the client for review. Once reviewed and amendments carried out, the application was submitted to the Central Bank.
Assistance with post submission queries was completed and a closing meeting undertaken where deliverables were reviewed, client feedback requested and satisfaction recorded and all necessary documentation transferred to the client.
Results
We successfully delivered the project as the application was processed by the Central Bank and authorisation was successfully granted.
