Licensing guide · 8 min read
How to Get a Payment Institution Licence
PSD2 payment services, capital tiers and when a PI is the right licence.
Payment institutions provide services listed in PSD2 Annex I — account services, transfers, acquiring, money remittance, payment initiation and account information.
Capital tiers (PSD2 Art. 7)
- EUR 20,000 — money remittance only.
- EUR 50,000 — payment initiation services only.
- EUR 125,000 — other payment services.
When a PI is not enough
If you need to issue stored value redeemable at par, you need an EMI. If you need to take deposits, you need a bank. The EU is reforming the framework (PSD3 and the Payment Services Regulation); monitor our Regulation & News section.
The application
Expect a programme of operations, business plan, governance and internal control descriptions, safeguarding arrangements, AML procedures, security policy and incident management.
Official sources
General information, not legal advice. Confirm current requirements with the competent authority.