1. Under Rules 3.6A.3(2) and 3.6A.5 (2), the projections for the remainder of the year should be informed by the value of realised funds remitted or Payment Transactions following the authorisation of the Authorised Person.
2. The monthly payment volume should be split into tranches, with the first $10mn being assigned to the first tranche, the next $90mn to the second tranche and so on
3. The portion of the Variable Capital Requirement for each tranche is then calculated by multiplying the monthly payment volume in each tranche by the percentage factor associated with that tranche and then summing those portions to derive the overall Variable Capital Requirement.
4. Examples of the calculation of the Variable Capital Requirement follow for an Authorised Person acting as solely a Money Remitter or a Payment Account Provider, in both cases with a monthly payment volume of $120mn.
Monthly payment volume ($mn)
|Money Remitter||Payment Account Provider|
|0 < … ≤ 10||10||1.25% * 10 = 0.125||2.5% * 10 = 0.250|
|10 < … ≤ 100||90||0.5% * 90 = 0.450||1%* 90 = 0.900|
|100 < … ≤ 250||20||0.25% * 20 = 0.050||0.5%* 20 = 0.100|
|… > 250||-||-||-|
|Variable Capital Requirement($mn)||0.625||1.250|