PART I
Locally-Incorporated Companies

Information  on  shareholders,  ultimate  beneficial  owners,  directors  and  principal  officers  of  the proposed payment service provider including KYC documents and corporate documents such as a copy of Certificate of Incorporation, a copy of Memorandum and Articles of Association, a copy of Annual Return, and Audited annual reports for the prior two years, if applicable.

PART II

1. Completed application form signed by the Chairman or President on behalf of the applicant payment service provider.
2. Business plan, including but not limited to type of service(s) and targeted market, intended business locations; and branches, scope of payment service, proposed fee structure, five year budget forecast, which shows that the applicant has the necessary systems, resources, and procedures to provide payment services, as well as, projected volume and value of monthly transactions; 
3. Management arrangements and internal control mechanisms, including administrative procedures, risk management procedures, accounting procedures, anti-money laundering procedures;  
4. Information on proposed branches, agents and merchants;
5. Measures to safeguard customer funds and settlement of disputes;
6. Information Technology, security features, and system architecture;
7. Organizational chart;
8. Agents and merchants arrangements and agreements, if applicable;
9. Project timeline indicating major milestones;
10. Information on the proposed financial institution that will perform the functions of a settlement agent.

Part III

Subject to an approval from the Central  Bank,  before  Go-live,  describe and  demonstrate  the functions of the payment system and security features including, but not limited to the below:

Technical Functions:

1. Hosting environment and location for data storage for the production and disaster recovery (DR) sites;
2. Network infrastructure and appropriate network diagrams indicating the major components and integrations;
3. Security controls for the connectivity for the proposed hosting infrastructure and include endpoints, agents, merchants, and subscribers;
4. Integration and data interchange with payment service providers’s core banking application;
5. Application security controls (profiles, authentication, encryption etc.);
6. DR plan for business continuity.
   
   Operation Functions:
7. Design of payment service and relationship with customer or service provider;
8. Complete transaction workflow among customers, agents, merchants and payment service provider; 
9. Customers cash in and cash out procedures;
10. Reconciliation process for customers, agents, merchants, and payment service provider;
11. Clearing and settlement processes.

• Additional documents may be requested by the Regulator at its discretion.