The success of our law firm! We obtained the status of KIP (National Payment Institution) for the client in just over 12 months!
The FinTech team of the Dudkowiak Kopeć Putyra sp.j. law firm under the management line-up: Piotr Putyra, Barrister-at-law, Piotr Glapiński, Attorney-at-Law, and Aleksandra Walas, Trainee Attorney-at-Law, led the client – Quicko sp.z o.o. through the licensing process culminating in the PFSA’s (KNF’s) issuance of a license to provide services as a National Payment Institution (PL: Krajowa Instytucja Płatnicza, KIP).
The license granted to Quicko by the Polish Financial Supervision Authority (PL: Komisja Nadzoru Finansowego, KNF) in the decision of 3 September 2021 covers the following services:
1) accepting cash deposits and making cash withdrawals from a payment account as well as all activities necessary for maintaining the account;
2) execution of payment transactions, including the transfer of funds to a payment account with the user’s provider or with another provider by performing direct debit services, including one-off direct debits;
3) execution of payment transactions, including the transfer of funds to a payment account at the user’s provider or with another provider using a payment card or a similar payment instrument;
4) execution of payment transactions, including the transfer of funds to a payment account with the user’s provider or with another provider by performing credit transfer services, including standing orders;
5) issuing payment instruments;
6) providing the service of initiating a payment transaction;
7) provision of the account information access service.
It is worth noting that Quicko will join a very small group of only 42 entities with the current KIP status in Poland. The KIP license, which is desirable in the fintech industry, allows, among others provision of a full range of services in accordance with Article 3 Clause 1 of the Payment Services Act, abolishes the limits on funds held for clients and on the amounts of transactions, both binding on small payment institutions (MIP), and allows business to expand beyond Poland.
We would like to kindly inform you that the licensing process took just over 12 months in total, which is a remarkable result.
Congratulations to our client, wishing them many successes and continuous development!