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Frequently asked questions
Below are stated answers to frequently asked questions. Answers specific to the authorization for the provision of activities by payment institutions, AISP and electronic money institutions can be found here.
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As AISP/PISP we would like to provide services to higher territorial units. VÚC are mandatory clients of the State treasury which is the provider of payment services. Shall the State treasury obligation allow access to payment accounts, which are held to VÚC via a dedicated interface (API)?
You will find a clear answer in the following opinion here.
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Can a payment institution or electronic money institution get access to a payment system managed by the National Bank of Slovakia?
You will find a clear answer in the following opinion here.
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How can a company with an establishment in the UK, which disposes of authorization for the provision of payment services from the FCA (Financial Conduct Authority) provide these services in Slovakia?
You will find a clear answer in the following opinion here.
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How long does it take to grant authorization/registration according to the Payment Services Act (service PISP and/or AISP)?
You will find a clear answer in the following opinion here.
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What are the reporting and information obligations of AISP?
You will find a clear answer here.
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What procedure should payment institution, AISP, limited extent services provider or limited provider follow, by account bookkeeping or by preparation of financial statements?
This issue falls within the competence of the Ministry of Finance of the Slovak Republic. We attach relevant information here.
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Where can I get reliable information on whether an entity disposes of a license for the provision of activities as a payment institution or of an electronic money institution?
A list of all licensed payment and electronic money institutions is maintained by the European Banking Authority and is available here.
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Why is a strong customer identification applied by payments and what does it practically mean?
Payment services provided electronically should be provided securely using technologies capable to guarantee a secure user authentication of the user and minimizing the risk of fraud. As fraud methods are constantly changing and the volume of fraudulent transactions is constantly increasing, the requirements for strong customer authentication should allow innovation in technical solutions in response to emerging threats to the security of electronic payments. Thus, strong customer authentication of the user is applied in practice by using two or more authentication elements from the following three categories when performing electronic payment operations on the Internet: a) knowledge – e.g. password, PIN, answers to agreed control questions, b) ownership – e.g. ownership of a device (usually a mobile phone) capable of generating (e.g. via a specialized authentication application) or receiving one-time passwords (e.g. via SMS) or signatures (tokens), c) characteristics of the payment card holder (inherence) – e.g. capture of biometric data in the form of fingerprint, voice, the geometry of the client’s face. The individual elements should be independent of each other and designed in such a way that the disruption of one element does not impair the reliability of the other elements. Strong authentication, therefore, means that payment service providers that allow users to carry out payment transactions on the Internet are obliged to authenticate (verify the identity of) the payment service user with each payment through at least two of the above categories. If the identity of the payment service user is not correctly verified and does not fall under any of the exceptions to the strong authentication obligation, the payment will be declined. The transition to strong authentication of payment service users has been taking effect since 14 September 2019. The NBS and other supervisory authorities in the EU have agreed that in card transactions on the Internet (e-commerce payments) the fulfilment of this obligation will be supervised and required from 1. 1. 2021.
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Would you like to carry out identification and client verification without his or her physical presence (so-called online onboarding of client)? How should we proceed from the point of view of AML rules?
This is an issue addressed by § 8 sections 1 letter a), § 12 section 2 letter a) and §20a sections 1 and 2 of the AML Act. We recommend proceeding in accordance with the opinion of the National Bank of Slovakia and the methodological instruction of the Financial Intelligence Unit .