Apply to become an electronic money institution (EMI)

Find out how to apply to be authorised or registered with us if your firm wants to issue electronic money (e-money).

If you want to issue electronic money (e-money), you must register with or become authorised by us as an electronic money institution (EMI) in accordance with the Electronic Money Regulations 2011 (EMRs).

EMIs need to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Firms that don’t need to register or be authorised

You are exempt from registration or authorisation if your firm is a:

  • credit institution
  • bank
  • building society
  • credit union, or
  • municipal bank

Instead you need Part 4A permission under the Financial Services and Markets Act 2000.

Applications under the Revised Payment Services Directive (PSD2) can be submitted from 13 October 2017

PSD2 was published in the European Union's Official Journal on 23 December 2015. PSD2 will be implemented in the UK by the Payment Services Regulations 2017 (PSRs 2017), which amend the existing EMRs. The changes will take effect from 13 January 2018. Until then, the existing EMRs will continue to apply.

PSD2 aims to bring regulation up to date with developments in the payment services industry and to promote further innovation. It also aims to improve consumer protection, make payments safer and more secure, and drive down the cost of services by encouraging competition in the marketplace. Find out more about PSD2 and the PSRs 2017.

PSD2 will impact all firms that issue e-money and provide payment services. Firms that are authorised or registered under the current EMRs will need to apply to be re-authorised or re-registered under PSD2 and the amended EMRs in order to continue issuing e-money and providing payment services. 

PSD2 is also relevant for new businesses seeking authorisation or registration under the EMRs. It will introduce a number of significant changes including new conditions of authorisation and registration. You are now able to submit applications under PSD2 and the amended EMRs. Rather than applying under the current EMRs, you are strongly encouraged to make your application under PSD2 and the amended EMRs.

If you decide to apply under the current EMRs and we have not determined your application by 13 January 2018, we will treat your application as being made under the amended EMRs. This means you will be required to provide more information to us, as required under the new regime.

If we have determined your application under the current EMRs by 13 January 2018, you will need to submit an application to re-register or become re-authorised under PSD2 and the amended EMRs, and pay an additional application fee. 

Businesses applying for re-authorisation or re-registration under PSD2 will need to provide all the information we need with an application by 13 April 2018 in order to continue operating on or after 13 July 2018. 

Register to become a small EMI

If you expect your business to not exceed an average of €5m of outstanding e-money, you may apply to register as a small EMI.

You can also provide unrelated payment services if the average monthly turnover in payment transactions isn’t more than €3m. By ‘unrelated’ we mean payment services that do not arise directly as a consequence of your e-money activity.

You need to fill out the registration application for a small EMI via Connect.

Apply to become an authorised EMI

You must apply to become an authorised EMI if your firm doesn’t qualify as a small EMI (if your business will generate more than €5m average outstanding e-money).

If your firm does qualify as a small EMI, you can still choose to apply to become an authorised EMI if, for example, you want to issue e-money in other European Economic Area member states.

Your firm can also provide other payment services not related to e-money (unrelated payment services).

Further information

More information can be found in: