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How to Open a NeoBank Quickly with Minimal Investments
Creating a NeoBank from scratch is a challenging task. However, by following clearly defined steps, this process can be significantly simplified and expedited.
1. Building the Core:
– The backbone of an e-bank is the backend, for which you need to create several modules. For instance, you need to integrate modules and tools such as APIs, programs for card processing, back-office tools, and more. APIs, for example, will be used in payment gateways, when working with authentication modules, and so on.
– Additionally, depending on the features you want to offer with your NeoBank, you need to create modules for email notification, user management databases, etc.
2. Developing the Application Interface:
– After completing work on the backend, the next task is to develop the application interface. Special attention should be given to the client interface, as it is what users will interact with primarily. Ensure that it is attractive and user-friendly.
3. Setting Up Security:
– Before launching your NeoBank, ensure its security. Financial institutions are always under the threat of hackers. To avoid financial losses, develop a multi-level security system that combines customized solutions and tools from reputable vendors.
– You can also implement advanced technologies such as machine learning to enhance program security.
4. Testing:
– Finally, before launching your NeoBank for end-users, make sure that it works. Conduct tests and refine the application if necessary.
– The main goal of these tests is to ensure that your application is stable and capable of providing a valuable user experience.
Features of NeoBank Licensing in the Czech Republic
Obtaining a license for the operation of a payment institution in the Czech Republic is possible only through an administrative procedure conducted by the Czech National Bank (ČNB). Businesses seeking such a license must:
- Have a minimum initial capital of EUR 125,000.
- Submit a business plan based on realistic economic calculations.
- Possess sufficient capital to cover the legally required capital requirements depending on the type and volume of payment services provided.
- Organize a proper organizational structure and internal activity organization.
- Strictly adhere to the provisions of Article 9, Paragraph 1 of Law No. 284/2009 “On the Payment System of the Czech Republic.”
- Provide ČNB with documentary evidence demonstrating full compliance with all established criteria for payment institutions.
- Have qualified personnel with experience in the financial services sector.
- Submission of an application to ČNB.
- ČNB’s verification of compliance with laws and adherence to all requirements.
- Payment of the registration fee.
