In order to apply for a license to become an authorised payment institution, several legal requirements have to be met.
The requirements for authorisation differ by national legislation.
Each of the 28 EU Member States has assigned an authority to authorize, register and supervise payment institutions.
For a list of competent authorities for the authorisation of payment institutions in each EU Member State click here.
Article 13 of the Payment Services Directive (PSD) specifies that a register of PIs has to be made publicly available in all EU Member States, listing the authorised payment institutions, their agents and EU-branches.
Payment institutions are entered into the registers of their EU home countries. For example, the register in Germany lists the firms which are authorized to function as a payment institution in Germany. It also indicates whether the respective PI has obtained a passporting license. However, payment institutions authorized in Germany who wish to provide payment services in the UK are considered “EEA PIs” and will not appear in the UK register. Thus the registers are mutually exclusive.