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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 and cryptoasset 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 to decision.
Safeguarding, operating and settlement accounts opened alongside the application, so you trade on authorisation.
We assemble your team: directors, a compliance officer and an MLRO.
The licence, the requirements, the cost and the timing for your business.
You will need directors with payments experience, a compliance officer, a senior manager to run the payment services, and an MLRO.
One programme, from scoping to launch. Speak to an expert about this licence.
Outcome. API licence granted, with post-authorisation compliance in place.
Outcome. API licence granted, with compliance gaps identified and closed.
Requirements, capital, timing, fees and common questions, drawn 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 | Our own figure, from the regulator’s published data and our applications |
Regulator figures are quoted as published and converted to months. Our realistic timeline assumes 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 | 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. Our regulatory compliance service runs it for you.
Settlement accounts in each payout currency, a safeguarding account where funds are held, and an operating account. Opened alongside 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. We plan 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; we obtain 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 builds licensed payment, e-money, crypto and stablecoin businesses: the licence, the team, the technology, the bank accounts and card issuing.
This guide is general information, not legal advice. Requirements and fees change, and the regulator’s own publications take precedence.
The licence, your team, banking and technology, delivered as one programme.