• PRU 3.6A.7 PRU 3.6A.7

    (1) Subject to (2), an Authorised Person undertaking more than one of the activities of being a Money Remitter, a Payment Account Provider and a Stored Value Issuer must calculate its Total Variable Capital Requirement by summing the Variable Capital Requirements calculated under Rules 3.6A.2, 3.6A.4 and 3.6A.6 as appropriate.
    (2) An Authorised Person acting as both a Money Remitter and a Payment Account Provider must calculate its overall Variable Capital Requirement for the related activities by adding together the monthly payment volumes for those activities and undertaking the calculation in Rule 3.6A.4.

    • Guidance

      An example of the calculation of the Variable Capital Requirement follows for an Authorised Person acting at the same time as a Money Remitter and a Payment Account Provider, with monthly payment volumes of $90mn and $120mn respectively for these activities, i.e. a total monthly payment volume of $210mn.
      Tranche Monthly payment volume ($mn) Money Remitter and Payment Account Provider
      0 < … ≤ 10 10 2.5% * 10 = 0.250
      10 < … ≤ 100 90 1% * 90 = 0.900
      100 < … ≤ 250 110 0.5% * 110 = 0.550
      … > 250 - -
      Total 210  
      Variable Capital Requirement ($mn) 1.700