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Changes currently affecting the payment industry are creating many opportunities for start-ups and disruptors, as well as more established players. However, a number of key challenges have the potential to impact success when Expanding a Payment Institution:

1. Meeting complex compliance requirements

The pressure to respond to new business opportunities often creates short timelines. These can conflict with critical, yet lengthy, local compliance processes. But failing to meet a range of compliance requirements can lead to significant issues or even business closures.

2. Adapting to regulatory changes

In a fast-moving industry, a key challenge for payment institutions is to effectively identify and fulfil all of the regulatory changes in their country and market. The inability to adapt to new provisions or effectively prepare for and submit statutory reports, for example, can have a serious impact on both new and established businesses.

3. Understanding local market priorities

Global success relies on local knowledge. Gaining a detailed understanding of a country’s specific payment industry requirements and processes does not happen overnight. The ability to access this kind of insight can be the difference between success and failure for a payment institution.

4. Accessing specialist knowledge

With each area and industry enforcing its own stringent regulatory and other requirements, it is vital to identify the right level of knowledge to support and inform effective business decisions. Recruiting employees with this type of in-depth understanding can be time-consuming and costly, while relying on current employees to take on the role alongside their existing functions is also risky.

5. Avoiding unexpected costs

Setting up or Expanding a Payment Institution is a significant investment. Without expert knowledge of the many elements involved with moving into a particular industry or country, even the most carefully prepared business plan can be impacted by unexpected costs.

The new opportunities currently emerging in the payment industry are accompanied by stringent regulatory initiatives and requirements. Specialist support can help ensure that companies are ready to respond effectively to these complex challenges.

At PayCompliance, we have 18 years’ experience of supporting the success of payment institutions across 65 countries. Our comprehensive product range includes consulting, financial auditing and licensing services.

If you like to learn more and discuss your business needs, book a free session with one of our experts HERE