Payment firms that move money without holding stored value, from remittance and card acquiring to open banking, take this route to serve the UK market under one FCA authorisation.
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.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Payment InstitutionObtained Oval’s FCA Authorised Payment Institution licence with open banking permissions.
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 directors, a compliance officer and an MLRO, 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 directors with payments experience, a compliance officer, a senior manager to run the payment services, and an MLRO.
One engagement and one timetable, from scoping to launch. Speak to an expert about the people, the banking and the technology for this licence.
Outcome. API licence granted, with post-authorisation compliance in place.
Outcome. API licence granted, with compliance gaps identified and closed.
The regulator’s requirements, capital, timing, fees and the questions firms ask, from the regulator’s own publications.
A business that provides a payment service as a regular occupation in the UK needs FCA authorisation or registration. The services are: operating payment accounts and executing transactions on them, acquiring card transactions, money remittance, issuing payment instruments, payment initiation and account information. A business that also issues stored value needs an EMI licence instead, which carries every payment service with it.
| Authorised PI | Small PI | |
|---|---|---|
| Status | Authorised | Registered |
| Monthly payment transactions | No limit | Average not above €3 million, including agents |
| Services | All eight payment services | All except payment initiation and account information |
| Initial capital | €20,000, €50,000 or €125,000 by service | None |
| Application fee | £2,820 (PIS/AIS) or £5,640 | £1,130 |
| Safeguarding | Required | Voluntary, but expected by banks and customers |
| Geography | UK | UK |
| Figure | Value | Source |
|---|---|---|
| Statutory decision period | 3 months from a complete application; 12 months maximum | Payment Services Regulations 2017, regulation 9 |
| Regulator’s published figure | 219 calendar days, about 7 months, median time to determination for new payment and e-money authorisations | FCA authorisations operating service metrics, Q1 2026/27 |
| Application preparation | 5 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 | £2,820 or £5,640 | Category 4 for payment initiation and account information; category 5 for the other services; small PI £1,130 |
| Initial capital | €20,000 to €125,000 | By the highest service applied for |
| Periodic fee | From the first year | Fee-block G.3 for authorised PIs by relevant income; G.4 flat fee for small PIs |
| Professional fees | Fixed, in writing | Quoted after scoping |
A payment institution reports on capital and safeguarding, notifies agents and changes in control, maintains its policies and files its annual safeguarding audit. The firm’s regulatory compliance service runs the programme.
Settlement accounts in each payout currency, a safeguarding account where funds are held, and an operating account. Arranged through the firm’s relationships during the application. See banking and payment processing.
A payment institution moves money; an EMI also issues stored value that customers hold and spend. An EMI licence includes every payment service, so a business that will hold balances applies for the EMI licence.
The FCA fee is £2,820 for payment initiation and account information services and £5,640 for the other services; a small PI registers for £1,130. Initial capital is €20,000, €50,000 or €125,000 depending on the services.
Three months from a complete application by statute, twelve months at most; the FCA’s latest published median is 219 calendar days. The firm plans for six to eight months after submission.
No. Payment initiation and account information require authorisation.
Safeguarding is voluntary for small PIs under the regulations, and banks and customers expect it. Most small PIs safeguard.
Not under the UK licence. An EU payment institution licence is required; the firm obtains these in Ireland, the Netherlands, Lithuania, Malta and the other EU states.
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.