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BNR authorization of an online payment processor in Romania
Companies mediating online payments must obtain BNR authorization
Legal entities involved in online payment processing or online payment processors must obtain authorization from the National Bank of Romania or BNR, according to the new amendments to BNR Regulation No. 4/2019 concerning payment institutions and specialized providers of account information services. This measure is part of the implementation of Directive (EU) 2015/2366 or PSD2 and aims to align with European standards, improve transaction security, and clarify activities requiring authorization. In this legislative context, companies engaged in online payment processing in Romania can benefit from the support of a corporate lawyer in Romania from The Romanian Law Firm Pavel Mărgărit and Associates assisting them in understanding and applying the new BNR rules, including the requirements for authorization and compliance with Law No. 209/2019 and Directive PSD2.
When is BNR authorization necessary?
Under the new regulations, many companies operating online wonder if they need to obtain authorization from the National Bank of Romania or BNR, for their activities. Companies that charge payment processing fees for certain services but do not actually process payments between payers and beneficiaries are not considered payment service providers under Law No. 209/2019 and Directive PSD2. These companies limit their role to facilitating connections between users through the charging of payment processing fees, stopping short of actual fund processing.
Another important factor to consider is the frequency with which an online payment processor in Romania engages in fee-charging activities. If these activities are occasional and not part of the company’s core operations, it does not fall under the regulated categories of Law No. 209/2019. For example, a company providing brokerage services between an insurance broker and a potential insured and occasionally charging a commission for connecting clients with third parties, without managing funds, does not need to obtain BNR authorization. It is advisable for such companies to work with a financial lawyer in Romania and a commercial lawyer in Romania to evaluate their activities and correctly classify them within the regulated categories of the applicable legislation to avoid penalties and sanctions.
BNR authorization procedure
The new BNR regulations emphasize protecting users of payment services through an online payment processor in Romania, highlighting that obtaining user funds is an important criterion for qualifying as a payment service. Entities involved in online payment processing are required to reevaluate and categorize their activities according to Law No. 209/2019 and submit the necessary documentation for BNR authorization. Documentation must be submitted within specified deadlines to ensure compliance with the new regulations, which is why The Romanian Law Firm Pavel Mărgărit and Associates recommends seeking specialized services from a commercial lawyer who can provide legal assistance in preparing and verifying the necessary documents for obtaining authorization as payment service providers and submitting the documentation to BNR.
The Romanian Law Firm Pavel Mărgărit and Associates offers top-quality legal consulting for companies engaged in online payment processing activities. Our team of commercial lawyers in Romania is prepared to help companies understand and correctly apply the regulations of the National Bank of Romania or BNR, including evaluating whether BNR authorization is required under Law No. 209/2019 and Directive PSD2. We invite you to confidently seek our legal services for assistance in the BNR authorization process by completing the contact form available at https://avocatpavel.com/contact/.
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“We aim to support companies operating as online payment processors in Romania in navigating complex requirements and avoiding unnecessary authorizations, thus protecting their interests and operational efficiency,” stated Dr. Radu Pavel, Managing Partner at Pavel, Margarit and Associates Romanian Law Firm.
This legislative change, which requires authorization from the National Bank of Romania or BNR, represents a significant step toward strengthening online transaction security and ensuring a more secure and regulated digital payment environment in Romania. A commercial lawyer in Romania and a corporate lawyer in Romania from The Romanian Law Firm Pavel Mărgărit and Associates offer consulting for companies engaged in online payment processing, supporting them in understanding and applying the regulations imposed by BNR, including the authorization requirements under Law No. 209/2019 and Directive PSD2. They prepare the necessary documentation for obtaining authorization as online payment processors in Romania, evaluate commercial activities to correctly categorize them within the regulated categories, and provide legal representation before the competent authorities.