A brief guide to Payment  and E-Money Institutions    

Small Payment Institution

The FCA registration process is cheaper and simpler.  No ongoing capital requirements.

Small E-Money Institution 

Similar to small PI, small EMI can apply for FCA registration. No initial capital requirements unless the business activities generate average outstanding E-Money of €500k or more.  

Authorised E-Money Institution (EMI) 

EMIs are authorised to issue e-money and undertake payment services under the EMRs, without being separately authorised under the PSRs 2017.  

Agents can be appointed by a PI or EMI (the principal) to provide payment services on the principal’s behalf. 

Small PI and small EMI are not allow to carry on account information service (AIS) or payment initiation service (PIS) 

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