In the Republic of Cyprus the provision of payment services and execution of money transfers is regulated by the Provision and Use of Payment Services and Access to Payment Systems Law of 2018 ("Law"), which transposed into national law the provisions of Directive (EU) 2015/2366 of the European Parliament and of the Counsil of 25 November 2015 on payment services in the internal market (commonly known as PSD2).
Only an authorised by competent authority of home European Member State payment service provider (authorised credit institution or authorised payment institution or authorised e-money institution) can provide payment services in European Union. The competent authority for authorization and supervision of payment service providers in Cyprus is the Central Bank of Cyprus. To be authorised, a payment service provider must comply with highest standards, preconditions and requirements set by European regulatory authorities, i.e. to possess adequate equipment, software, internal control mechanisms, to be able to strictly observe the minimum amount of own funds. As well, an assessment of suitability and adequacy of organizational structure, individual suitability of each member of management body and key function holders, suitability of qualifying holders is to be performed by a competent authority.
Wise Wolves Payment Institution Limited has obtained in a due course of company’s assessment by the Central Bank of Cyprus, the Authorisation (license) for provision of payment services to its customers.
Being a customer of WWPI, you can use your account with us for your day-to-day payment transactions, i.e.:
- Place funds* on your account
- Execute payment transactions to third parties
- Receive payment transactions from third parties
* except cash
Payment transactions can be executed to/received from accounts kept with other payment service providers (banks, e-money institutions, payment institutions) or, of course, to/from accounts kept with WWPI.
The most demanded by customers payment services are a credit transfer and direct debits (both are available to our customers).
Credit transfer is, in simple words, a transfer of money from one account to another. A customer (payer) gives an instruction to his payment service provider to transfer funds to account of payee (irrelevant where it is kept). Where a set of periodical transfers required, a customer (payer) can submit a Standing Order.
Direct debit is a kind of preauthorised payments. The client (payer) signs a direct debit mandate form giving consent to debit their account with a fixed or variable periodic (e.g. monthly) value by payee’s instruction. The mandate can be recurring or once-off. Direct debits are typically used for recurring payments, such as utility bills.
Does Direct Debit differ from Standing order? Yes, payment instruction for direct debit comes from the payee, but a standing order instruction is initiated by the payer. A standing order involves fixed payment amounts paid periodically, while a direct debit can be of any amount and can be casual or periodic.