How to obtain the Payment or E-Money EMI license in Ireland



This article looks at obtaining an Authorised Electronic Money Institution (e-money) or Authorised Payment Institution license in Ireland. If you are planning upon offering payment services such as issuing debit cards, money transfer service, merchant services or electronic wallets and prepaid cards, you will need to apply with the Irish regulator, namely, the Central Bank of Ireland, before you can offer such services.

In this article, we will look at:

  1. The second Payment Service Directive (PSD2) and its significance to payment services and electronic money.

  2. The Irish regulator

  3. The Authorised Payment Institution license

  4. Authorised Payment Institution permissions

  5. What is electronic money?

  6. Authorised Electronic Money license application

  7. Authorised Electronic Money Institution

  8. How to prepare a strong license application

  9. Passporting

  10. Apply to become an authorised payment institution or electronic money

  11. Initial capital requirements

  12. Next steps

1. The second Payment Service Directive (PSD2) and its significance to payment services and electronic money firms

PSD2, or the Payment Service Directive 2, is an EU Directive (Directive 2015/2366) which sets requirements for businesses that provide payment services. It applies to banks, building societies, payment institutions, e-money institutions and their customers.

PSD aims to promote innovation within the payments sector. Furthermore, it aims to improve protection for consumers and make payments both safer and more secure.

The PSD2 directive came into force on 13 January 2018.