Payment systems and fintech
Legal support for payment institutions, issuers of electronic money and fintech start-ups under the Law on Payment Services. This covers authorisation with the National Bank of Ukraine, drafting the contractual framework with users and partners, and structuring products (BNPL, e-wallet, acquiring).
Why PROCTOR
The financial technology market develops faster than legislation does. That is why delivering a FinTech project calls not only for knowledge of the rules in force but also for an understanding of the direction in which they are heading.
The PROCTOR team supports the creation and development of financial services, analysing the questions of licensing, payment infrastructure, personal data protection, financial monitoring, the contractual model and dealings with the regulators.
We help clients build financial products that meet the current requirements of the market and stay legally robust through constant legislative change.
How we launch a payment service
From the product idea to authorisation with the National Bank and a ready contractual framework with users.
01
Reading the product
We establish which payment services the product actually contains and whether the model falls under the Law on Payment Services and the rules on issuing electronic money.
02
Choice of regulatory status
We choose between a payment institution, a finance company, an agency model or working under a partner's licence, and set out what each option means for the business.
03
Preparing for authorisation
We assemble the package for the National Bank: business plan, ownership structure, business reputation of the managers, rules of the system, policies for safeguarding user funds.
04
Going through authorisation
We deal with the National Bank, answer the queries of the regulator and revise the documents until the company is entered in the register of payment service providers.
05
Contractual framework of the product
The public offer for users, agreements with partner banks, merchants and processing, consents to the processing of personal data, and the rules for BNPL or acquiring.
06
Work after launch
We update the documents for changes in regulation and support inspections by the National Bank, disputes with users and the launch of the product in new markets.
Formats of work on a fintech project
The format follows the stage of the project: testing the idea, launching the service, or a standing legal function.
Regulatory assessment of the model
An analysis of the planned product: whether a licence is needed, which status fits, what limits the legislation sets. The output is a written opinion with the options.
Support of the authorisation
The full route to market: the package of documents, the internal rules, dealings with the regulator and the base agreements with users and partners.
Legal function for a fintech
Continuous work with the product team: new features and markets, compliance and financial monitoring, partner agreements, support during inspections by the regulator.