Payment firms serving EU customers from an English-speaking base choose Ireland for its common-law system and a regulator that sets out in detail what it expects of each applicant.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money, cryptoasset and consumer credit firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Our realistic timeline from submission, set against the regulator’s own published figures.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
Candidates introduced for an independent director and Irish senior managers, each assessed against the regulator’s standard.
A reply within three business hours and a written proposal the same day: the licence, the requirements, the cost and the timing.
You will need senior managers approved by the Central Bank, at least one independent non-executive director, and compliance, risk and finance heads in Ireland.
One engagement and one timetable, from scoping to launch. Speak to an expert about the people, the banking and the technology for this licence.
The regulator’s requirements, capital, timing, fees and the questions firms ask, from the regulator’s own publications.
A business providing a payment service in Ireland or, through passporting, in the EU and EEA, needs authorisation under the Irish payment services regulations. Payment institutions in Ireland serve the EU market from an English-speaking base with a regulator that publishes detailed expectations. A business that will also hold customer balances applies for an EMI licence instead.
| Requirement | Amount |
|---|---|
| Money remittance only | €20,000 |
| Payment initiation only | €50,000 |
| Account, card and other services | €125,000 |
| Account information only | None |
| Ongoing own funds | Method A, B or C as directed |
The Central Bank may require up to 20% more, or permit 20% less, than the method produces.
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | 3 months from a complete application | Payment Services Regulations 2018, regulation 23 |
| Regulator’s published figure | 90% of assessments within 90 business days, about 4 months, with the clock stopped during information requests | Central Bank of Ireland authorisation service standards |
| Application preparation | 6 to 8 weeks | From instruction to submission, including banking in parallel |
| Our realistic timeline | 6 to 8 months after submission | The firm’s own figure, from the regulator’s published data and its own applications |
Figures published by the regulator are quoted as published and converted to months. The realistic timeline is the firm’s own, for a complete, well-prepared application.
| Item | Amount | Notes |
|---|---|---|
| Application fee | None | No fee or deposit |
| Annual industry funding levy | From €5,000 | Category N minimum plus a variable element by share of sector transaction value |
| Initial capital | €20,000 to €125,000 | By the highest service |
| Professional fees | Fixed, in writing | Quoted after scoping |
A firm whose monthly average payment transactions stay below €3 million, providing services other than payment initiation and account information, with its head office in Ireland, may operate under the low-volume exemption. It has no passporting rights. The Central Bank publishes no separate application route, so the firm advises on the exemption case by case.
An Irish payment institution passports throughout the EU and EEA by branch, agent or cross-border services, with notifications forwarded by the Central Bank within one month of authorisation.
The Central Bank publishes the reasons applications take longer than they should.
A payment institution needs a safeguarding account that satisfies the regulator’s requirements, an operating account and settlement accounts in the currencies it serves. The firm arranges each through institutions that serve regulated firms in Ireland and across the EU, during the application, so the firm trades on authorisation. See banking and payment processing.
Three months from a complete application by statute; the Central Bank aims to complete 90% of assessments within 90 business days and notes that applicants often take over a year to complete their submissions. The firm plans for six to eight months after submission.
€20,000 for money remittance only, €50,000 for payment initiation only, €125,000 for the other services; own funds thereafter under the method the Central Bank directs.
A low-volume exemption applies below €3 million of monthly transactions, valid in Ireland only, with no passporting.
The Central Bank expects the people who run the business to be in Ireland, with at least one independent non-executive director and the control functions in the State. There is no fixed nationality rule.
Not under the Irish licence. Groups serving both markets hold an FCA and an Irish authorisation.
A regulatory advisory firm to payment, e-money and cryptoasset companies since 2013, with more than 250 licences obtained in more than 60 countries. The firm advises on authorisation, compliance, safeguarding, banking and transactions, and builds the white-label payment and card technology its clients launch on.
A written proposal on cost, timing and requirements, the same day: speak to an expert.
This guide is general information for firms considering authorisation and is reviewed against the regulator’s published requirements. It is not legal advice; requirements and fees change, and the regulator’s current publications take precedence.
The requirements, the cost and the timing for your business, in a written proposal the same day.