Payment institution applicants

Find out what conditions you must meet to become a payment institution (PI), and what to include in your application to be authorised by us or registered with us.

This page provides extra information if you're applying to be:

  • authorised as an authorised payment institution (API), or
  • registered as a small payment institution (SPI)
Before submitting your application, you should also read our page for all payments and e-money firm applicants and our main how to apply page.

Conditions you must meet

Supporting material

Follow our guidance on how to prepare your application before submitting it on our Connect system.

Make sure you also include the supporting material listed below. We'll reject your submission without assessing it if you don't provide the minimum information we ask for.

Registering people to manage your API or SPI

You must register all of the:

  • members of your management board – ie the directors if you're a limited company or the members if you're a limited liability partnership (LLP)
  • management staff – usually this will include your Head of Compliance and/or Money Laundering Reporting Officer (MLRO)
  • other people who are responsible for managing your firm's regulated/registered activities
    • you don't need to register staff that aren't directly responsible for these activities

You must also notify us in advance of any changes in the people responsible for your regulated/registered services.

Registering people with qualifying holdings

You must complete a form on Connect for each person or firm with a ‘qualifying holding’ in your firm. This is when the person or firm represents:

  • 10% or more of the capital or voting rights, or
  • less than 10% of the capital or voting rights, but can exercise significant influence

Use the relevant form below depending on whether the person or firm with a qualifying holding is an individual, incorporated company, partnership or trust.

You also need to tell us if there's a change in your qualifying holding, for example if a person or company ceases to have a qualifying holding.

There's more information about qualifying holdings in Chapter 3 of our approach document.

Registering agents

Once your firm is authorised or registered, you must register with us any agents who'll provide payment services on your behalf.

To do this, you'll need to complete a form in Connect to provide details of the agent(s) you're proposing to appoint and the arrangements you have in place to oversee them.

To help you prepare in advance, you can refer to a copy of this agent form.

If you tell us you do not intend to use agents when you apply for authorisation or registration, we will ask you to agree to a voluntary requirement not to appoint any agents once authorised or registered. You can apply to remove this requirement if you subsequently decide you do want to use agents.

Page updates

: Information added Applications process updated
: Link changed Hyperlinks updated
: Document added Form for registering agents