License Framework, Routing & MSA
Discussion phase · Multi-license architecture · Payment routing · Terms rewrite
2
Own Licenses
3
Partner Licenses
5
Markets
5
Product Lines
TBD
Routing Permutations
Discussion Status
This is a discussion phase. No code deliverables yet. This document captures the license landscape and frames the questions that need answers. Output will be: (1) license permutation matrix, (2) routing logic specification for engineering, (3) MSA template per product line per market. Legal review required before any of this ships.
License Landscape
Kasha operates under a multi-license, multi-partner structure. Own licenses provide direct regulatory standing. Partner licenses extend reach into jurisdictions and capabilities we don't hold directly. Adyen sits across everything as the preferred global payment acceptance partner.
License Architecture
Own Licenses
Swiss SRO
Canadian MSB + RPAA
↓ Kasha entities ↓
Partner Licenses
Malta PI (PSD2)
Banca Latvia (IBAN + Target2)
Transfero (Brazil / BACEN)
↓ Payment rails ↓
Global PSP
Adyen (Cards, TWINT, SoftPOS, Capital)
Own License: Swiss SRO
| Attribute | Detail |
|---|---|
| License Type | Self-Regulatory Organisation membership (FINMA-supervised SRO) |
| Jurisdiction | Switzerland |
| Scope | Financial intermediation — AML/KYC obligations, non-bank financial services |
| Enables | Operating as a financial intermediary in Switzerland without a full banking license. Receivables purchase (factoring/anticipation) under this regime. KYC/AML compliance framework. |
| Limitations | Not a banking license. Cannot take deposits. Cannot extend credit (but can purchase receivables). Swiss-only — no passporting. |
| Status | Active |
Own License: Canadian MSB + RPAA
| Attribute | Detail |
|---|---|
| License Type | Money Services Business (FINTRAC) + Retail Payment Activities Act registration (Bank of Canada) |
| Jurisdiction | Canada |
| Scope | Money transmission, foreign exchange, payment services under RPAA |
| Enables | Operating payment services in Canada. Cross-border money transmission involving Canadian entities. RPAA compliance for retail payment activities. |
| Limitations | Canada-only. Provincial registration requirements may vary. RPAA is relatively new — evolving compliance landscape. |
| Status | Active |
Partner License: Malta Payment Institution
| Attribute | Detail |
|---|---|
| Partner | Malta-based Payment Institution (name TBD in this doc) |
| License Type | Payment Institution under PSD2 (MFSA-regulated) |
| Jurisdiction | Malta (EU) — passportable across all 30 EEA states |
| Scope | Payment services: execution of payment transactions, issuing payment instruments, acquiring, money remittance |
| Enables | EU-wide payment services via PSD2 passporting. Fund safeguarding (PSD2 obligation). Merchant onboarding for EU-based businesses. |
| Relationship | TBD: Agent model? Programme manager? White-label? Determines Kasha's regulatory obligations vs. partner's. |
Partner Capability: Latvian IBAN + Target2
| Attribute | Detail |
|---|---|
| Provider | Banca (Latvia) — via Malta PI partner |
| Capability 1 | IBAN Issuance: Dedicated IBANs for merchants and entities. Virtual IBAN infrastructure. |
| Capability 2 | Target2 Direct Participation: Direct access to SEPA and instant SEPA settlement. No correspondent bank intermediary. |
| Enables | Issuing dedicated EUR IBANs to SMB merchants, Enterprise clients, CSP-formed entities. Direct SEPA credit transfers and instant SEPA. Faster settlement, lower cost vs. correspondent banking. |
| Jurisdiction | Latvia (EU) — SEPA zone coverage |
Partner License: Transfero (Brazil)
| Attribute | Detail |
|---|---|
| Partner | Transfero |
| License | Brazilian regulated entity (BACEN-compliant) |
| Jurisdiction | Brazil |
| Capabilities | Pix instant payment rails. BRZ stablecoin (BRL-pegged). Local BRL settlement. BACEN compliance and reporting. |
| Enables | Kasha operates in Brazil under Transfero's license. Pass-through model — Transfero holds BACEN license, Kasha builds SaaS layer on top. No own payment institution application needed in Brazil. |
| Relationship | Pass-through / SaaS layer. Transfero is the regulated entity. Kasha is the technology provider. |
Global PSP: Adyen
| Attribute | Detail |
|---|---|
| Role | Preferred global payment acceptance partner |
| Capabilities | Card acquiring (Visa, Mastercard, Amex). TWINT (Switzerland). SoftPOS / Tap-to-Pay. Adyen Capital (working capital reselling). Local acquiring in BR, CH, EU, UK, US, CA. |
| Enables | Single integration for multi-market payment acceptance. Adyen Capital for merchant working capital (zero credit risk — Adyen underwrites). Volume-based pricing (IC++). |
| Relationship | Direct merchant acquiring via Adyen. Kasha is a platform partner. Sub-merchant model or direct merchant accounts — TBD per market. |
Routing: How Flows Map to Licenses
The license permutation matrix determines which license/partner routes which flow. Every payment acceptance, payout, IBAN issuance, and cross-border transfer must route through the correct licensed entity.
Three dimensions of routing:
- Market: Switzerland, Brazil, EU (via Malta PI passport), Canada, UK
- Product line: SMB, Enterprise (voucherised payments), CSP (Heidi), Creator Commerce, Private Banking
- Flow type: Payment acceptance, merchant payouts, IBAN issuance, cross-border transfers, working capital / anticipation, voucher disbursement, bank product distribution
Routing: Switzerland
| Flow | License / Partner | Rail | Status |
|---|---|---|---|
| Card acceptance (SMB POS) | Adyen (local CH acquiring) | Visa / MC / Amex | Available |
| TWINT acceptance | Adyen (TWINT via Adyen) | TWINT QR | Available |
| Merchant payout (CHF) | TBD: Adyen direct? Malta PI → SEPA? Swiss SRO entity → SIC? | TBD | Discussion |
| Working capital (Adyen Capital) | Adyen Capital (reselling) | Deduction from settlements | Available |
| Receivables anticipation | Swiss SRO (factoring, not lending) | Receivables purchase | Discussion |
| IBAN issuance (CH merchants) | TBD: Malta PI → Latvian IBAN (EUR)? Or Swiss banking partner (CHF)? | TBD | Discussion |
| KYC / onboarding | Swiss SRO (AML obligations) + SumSub (provider) | Middleware KYC Connector | Built |
Routing: Brazil
| Flow | License / Partner | Rail | Status |
|---|---|---|---|
| Pix acceptance | Transfero (BACEN license) | Pix instant | Integration |
| Card acceptance (SMB POS) | Adyen Brazil (local acquiring) | Visa / MC / Elo | Available |
| Merchant payout (BRL) | Transfero (local BRL settlement) | Pix / TED | Integration |
| Payment anticipation | Transfero (receivables-backed, BACEN-compliant) | Receivables purchase | Discussion |
| BRZ stablecoin | Transfero (BRL-pegged stablecoin) | On-chain + off-ramp | Discussion |
| Cross-border (BR → CH/EU) | TBD: Transfero → Malta PI? Transfero → Adyen? BRZ → EUR? | TBD | Discussion |
| KYC / onboarding | Transfero (BACEN KYC) + SumSub (provider) | Middleware KYC Connector | Built |
Routing: EU (via Malta PI Passport)
| Flow | License / Partner | Rail | Status |
|---|---|---|---|
| Card acceptance | Adyen (EU acquiring) | Visa / MC / Amex | Available |
| SEPA payments | Malta PI → Banca Latvia (Target2 direct) | SEPA CT / Instant SEPA | Discussion |
| IBAN issuance | Malta PI → Banca Latvia | Dedicated EUR IBANs | Discussion |
| Fund safeguarding | Malta PI (PSD2 obligation) | Safeguarding account | Discussion |
| Merchant payout (EUR) | Malta PI → Banca Latvia (Target2) | SEPA CT | Discussion |
| Working capital | Adyen Capital | Deduction from settlements | Available |
Routing: Canada
| Flow | License / Partner | Rail | Status |
|---|---|---|---|
| Card acceptance | Adyen (CA acquiring) | Visa / MC / Amex / Interac | Available |
| Payment services | Canadian MSB + RPAA | EFT / Interac e-Transfer | Discussion |
| Cross-border (CA → CH/EU) | Canadian MSB (money transmission) → TBD routing | TBD | Discussion |
Routing: UK
| Flow | License / Partner | Rail | Status |
|---|---|---|---|
| Card acceptance | Adyen (UK acquiring) | Visa / MC / Amex | Available |
| Merchant payout (GBP) | TBD: Adyen direct? Malta PI (pre-Brexit passporting no longer valid)? UK EMI partner? | TBD | Discussion |
| CSP entities (Heidi UK) | TBD: UK entity requirements, FCA considerations | TBD | Discussion |
Routing by Product Line
| Product Line | Primary Flows | Primary License / Partner | Notes |
|---|---|---|---|
| Kasha SMB | Payment acceptance, merchant payouts, working capital, marketplace commissions | Adyen (acceptance) + market-specific payout license | Core revenue engine. Routing per market above. |
| Kasha Enterprise | Voucher issuance, mass disbursements, cross-border payouts, breakage | TBD: Which license covers voucher issuance? Malta PI? Swiss SRO? Both? | Voucher lifecycle = e-money? Stored value? Regulatory classification critical. |
| Kasha CSP (Heidi) | Entity formation fees, compliance billing, co-branded SMB + Enterprise access | Swiss SRO (CH entities) + Malta PI (EU entities) + TBD for UK | CSP is a distribution channel. Entities route to SMB/Enterprise licensing. |
| Creator Commerce | Digital goods sales, creator payouts, marketplace commissions | Adyen (acceptance) + market-specific payout | Digital goods = lighter regulatory path? No physical delivery, no stored value. |
| Private Banking | Bank product distribution, commission collection | Agent/reseller model under respective bank's license | Kasha is agent, not principal. Bank bears regulatory burden. |
Fund Flow Diagrams
High-level fund flow patterns. Exact routing per market to be confirmed.
Pattern A: Adyen Direct (SMB Payment Acceptance)
Consumer
↓ Card / TWINT / Pix ↓
Adyen (Acquiring)
↓ Settlement ↓
Kasha Settlement Account
↓ Payout (minus fees + commission) ↓
Merchant Bank Account
Pattern B: Malta PI + IBAN (EU Merchants)
Consumer
↓ Card / SEPA ↓
Adyen (Acquiring)
↓ Settlement ↓
Malta PI (Safeguarding)
↓ SEPA via Target2 ↓
Banca Latvia (Merchant IBAN)
↓ Available to merchant ↓
Merchant's Kasha IBAN
Pattern C: Transfero Pass-Through (Brazil)
Consumer
↓ Pix / Card ↓
Transfero (Pix)
Adyen (Cards)
↓ BRL Settlement ↓
Transfero (Regulated Entity)
↓ Pix / TED Payout ↓
Merchant Bank Account (BRL)
Safeguarding
PSD2 safeguarding obligation (Malta PI): Client funds must be segregated from own funds. Held in a safeguarding account at a credit institution, or covered by an insurance policy / guarantee. This determines where EU merchant funds sit between acceptance and payout.
- EU flows: Malta PI bears safeguarding obligation. Funds held at Banca Latvia or designated safeguarding bank.
- CH flows: Swiss SRO regime — different safeguarding requirements. TBD: exact regime.
- BR flows: Transfero bears regulatory obligations under BACEN. Kasha is SaaS layer only.
- Adyen Capital: Not client funds — Adyen's own lending product. No safeguarding applicable.
Settlement Rails
| Rail | Speed | Market | Via |
|---|---|---|---|
| SEPA CT | T+1 | EU / EEA | Malta PI → Banca Latvia (Target2 direct) |
| Instant SEPA | Seconds | EU / EEA | Malta PI → Banca Latvia (Target2 direct) |
| SIC / euroSIC | T+0 / T+1 | Switzerland | TBD: via Swiss banking partner? |
| Pix | Seconds | Brazil | Transfero (BACEN) |
| TED | Same day | Brazil | Transfero |
| Faster Payments | Seconds | UK | TBD: UK partner needed (no Malta PI passporting) |
| EFT / Interac | T+1-2 | Canada | Canadian MSB |
| Card settlement (Adyen) | T+1 to T+3 | Global | Adyen IC++ |
MSA / T&Cs: Rewrite Scope
Current T&Cs need rewriting to reflect the multi-license, multi-partner structure. The MSA must be modular — a master agreement with product-specific schedules per market.
Legal Entity Disclosure
The MSA must clearly identify which entity is the contractual counterparty for each service:
| Service | Contractual Entity | Regulated By |
|---|---|---|
| SaaS platform (booking, CRM, invoicing) | TBD: Kasha CH entity? Kasha UK entity? | Software — minimal regulation |
| Payment acceptance (CH) | Adyen (acquirer) + Kasha (Swiss SRO) | FINMA (via SRO) + Adyen's own licenses |
| Payment acceptance (EU) | Adyen (acquirer) + Malta PI partner | MFSA (Malta) + Adyen |
| Payment acceptance (BR) | Transfero (regulated) + Adyen (cards) | BACEN + Adyen |
| IBAN issuance (EU) | Malta PI partner → Banca Latvia | MFSA (Malta) + FKTK (Latvia) |
| Working capital (Adyen Capital) | Adyen (lender) — Kasha is reseller | Adyen's lending licenses |
| Working capital (receivables, CH) | Kasha (Swiss SRO entity) | FINMA (via SRO) |
| Enterprise vouchers | TBD: regulatory classification of vouchers | TBD |
| Private Banking products | Partner bank (principal) — Kasha is agent | Partner bank's license |
Product-Specific Schedules
The MSA should have a master agreement plus separate schedules for each product line:
- Schedule A — Kasha SMB: SaaS terms, payment acceptance terms, marketplace commission, working capital terms
- Schedule B — Kasha Enterprise: Voucherised payment terms, mass payout terms, breakage policy, cross-border terms
- Schedule C — Kasha CSP (Heidi): Platform license, entity formation terms, co-branded service terms, revenue share
- Schedule D — Creator Commerce: Digital goods terms, creator payout terms, marketplace commission, IP/content policy
- Schedule E — Private Banking: Agent disclosure, bank product terms (pass-through from bank partner), commission structure
- Schedule F — Data Processing Agreement: Per-jurisdiction DPA (see below)
Data Processing by Jurisdiction
| Jurisdiction | Regulation | Data Controller | Data Processor(s) |
|---|---|---|---|
| EU (via Malta PI) | GDPR | Malta PI partner (for payment data) + Kasha (for SaaS data) | Adyen, SumSub, infrastructure providers |
| Switzerland | FADP (nDSG) | Kasha Swiss entity | Adyen, SumSub, Malta PI (if EU data involved) |
| Brazil | LGPD | Transfero (for payment data) + Kasha (for SaaS data) | Adyen, SumSub |
| Canada | PIPEDA | Kasha Canadian entity | Adyen, SumSub |
| UK | UK GDPR | TBD: Kasha UK entity? | Adyen, SumSub |
Open Questions
Key decisions that must be resolved before routing logic can be engineered and MSA can be drafted.
| # | Question | Options | Impact |
|---|---|---|---|
| 1 | Contractual counterparty per market | Kasha CH entity (SRO) for all? Malta PI for EU? Split by service type? | Critical — determines entire MSA structure |
| 2 | Malta PI relationship model | Agent? Programme manager? White-label? Sub-licensing? | Critical — determines regulatory obligations on Kasha vs. partner |
| 3 | Fund flow: acceptance → payout | Adyen → Malta PI → merchant IBAN? Adyen → Kasha → merchant? Varies by market? | Critical — determines safeguarding, settlement speed, cost |
| 4 | Voucher regulatory classification | E-money? Payment instrument? Gift card? Stored value? Unregulated? | Critical — determines whether Enterprise product needs its own license |
| 5 | Swiss merchant payouts | Via Adyen (CHF direct)? Via Malta PI (EUR SEPA, FX to CHF)? Via Swiss banking partner (SIC)? | High — affects settlement speed and FX cost for CH merchants |
| 6 | Canadian MSB + RPAA role | Canada-only operations? Cross-border corridor (CA ↔ CH/EU/BR)? Holding entity? | High — determines CA product scope and cross-border routing |
| 7 | UK post-Brexit | Malta PI cannot passport to UK. Need UK EMI partner? Adyen UK direct? Defer UK? | High — Heidi UK CSP entities need a payment path |
| 8 | Receivables anticipation entity | Swiss SRO entity? Malta PI? Separate SPV? Per-market? | High — affects capital requirements and regulatory path |
| 9 | Creator Commerce regulatory path | Digital goods = lighter path? Same as SMB? Separate terms? | Medium — may simplify if classified as pure marketplace |
Next Steps
Discussion Outputs
- License permutation matrix: Complete table mapping every flow × market × product to a license/partner
- Routing specification: Engineering-ready spec for payment routing logic
- MSA template: Master agreement + product schedules + DPAs per jurisdiction
Required Inputs
- Malta PI partner agreement details (agent model, scope, fees)
- Transfero contract scope (exact capabilities, SLAs)
- Adyen platform partner terms (sub-merchant vs. direct, Adyen Capital reseller agreement)
- Legal counsel review (CH, EU, BR, CA)
- Voucher regulatory classification (legal opinion)
Swiss SRO · Canadian MSB · Malta PI · Transfero · Adyen — One routing framework
Related: Brazil GTM · Switzerland GTM · Enterprise GTM · Middleware Connector Architecture · Project Plan Reference
Kasha License Framework, Routing & MSA · Discussion Phase · 2026 · Kasha.io