FAQ- 23rd November, 2020

What if the company does not have a URL?

Please provide rationale as to how the company markets its services to its customers given the absense of a URL, include supporting documentation if necessary.

Must the bank account loading the PFS IBAN be a company account?

Yes, the account must be in the company name, and not a personal account, i.e shareholders private bank account.

What documentation is needed in regards to a complex company structure?

In cases of complex company structures, a company structure chart must be provided, outlining all beneficial owners (over 25%), this document should also be signed by an authorised person in the company.

What are the various factors considered when reviewing an application?

Several risk factors are considered when assessing applications for new businesses, including:

  • Type of Customer & Business Model
  • Jurisdictional Risk / Location (address) of the business
  • Credit Risk
  • Individual Risk
  • Reputational Risk
  • Financial Risk

What are the requirements for KYC of the companies shareholders/directors?

A proof of identity and proof of address document must be provided for all shareholders holding 25% or more company shares, as well as 2 company directors if applicable. See below table for accepted forms of proof of identity and proof of address.

Is regulated? acts as a Distributor of PFS Card Services Ireland Limited (PFS), a company authorised by the Central Bank of Ireland (CBI) as an Electronic Money Institution with registration number C175999. You can see the Distributor letter for Rewire Holding LTD here and of Saurus Subsidiary SL here.

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