Payments and Banking

Payments and Banking

Kyte has been working in the payments industry for a number of years and through several relationships we have built with key players in the industry we have managed to provide our clients with value added in terms of their banking and payment processing requirements.

Although our main focus is typically auditing payments companies and financial institutions and not providing banking solutions, we like to look at it like this: “if we’ve seen it, tested it and are happy with it, we don’t mind recommending it as an option to our clients”

We have several clients that are in the process of launching their payment product or still in the licensing stages. We can provide our assistance with respect to features and controls that should be present in and around your systems. We can also assist with the licensing process in the drafting of the relevant documentation. We can also take a more active role and perform your Internal Audit or compliance function.

FAQs

Q:I am applying for a financial institution license. What functions can I outsource and what services can you provide me with?
A:

We can carry out the following key roles for you: Internal Audit, Compliance function and Accounting function (though our sister company). We can also assist with the license process, preparation of the business plan, policies and procedures as well as consultancy on PCI DSS, PSD2, GDPR, and AML.

 

Q:Do I need to be PCI DSS compliant to apply for a license?
A:

PCI DSS applies to anyone who processes, stores or transmits credit card data. If you are not handling this data or have outsourced the function completely you may not be in scope of PCI DSS. Speak to us for more information and guidance.