5 Tips on how to successfully obtain the PI/Payment Institution License and in the quickest way

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This article looks at obtaining a PI/ Payment Institution license successfully and in the quickest time possible. If your business is planning on offering payment services, such as issuing cards, money transfer services and merchant services, you will need to apply to the financial regulator and become a PI/Payment Institution.






1. Regulatory framework for PI/Payment Institutions


PSD2, or the Payment Service Directive 2, is an EU Directive (Directive 2015/2366) that sets requirements for PI/Payment Institutions that provide payment services. ​


The PSD2 directive came into force on 13 January 2018.


The following regulations are also applicable for payment institutions:


- Payment Accounts Directive


- Credit transfers and direct debits in euro (SEPA)


- The Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012


- Regulation on interchange fees for card-based payment transactions (EU) 2015/751




2. Payment Services under the PI/Payment Institution license


By obtaining the Payment Institution license, a license holder is able to provide the following payment services:


(a) services enabling cash to be placed on a payment account and all of the operations required for operating a payment account;


(b) services enabling cash withdrawals from a payment account and all of the operations required for operating a payment account;


(c) the execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider—


(i) execution of direct debits, including one-off direct debits;


(ii) execution of payment transactions through a payment card or a similar device;


(iii) execution of credit transfers, including standing orders;


(d) the execution of payment transactions where the funds are covered by a credit line for a payment service user—


(i) execution of direct debits, including one-off direct debits;


(ii) execution of payment transactions through a payment card or a similar device;


(iii) execution of credit transfers, including standing orders;


(e) issuing payment instruments or acquiring payment transactions;


(f) money remittance;


(g) payment initiation services;


(h) account information services.