Find out how to become a registered account information service provider (RAISP), including the information we need from you, how to register business managers and agents, and providing services in EEA countries.
If the only payment service your firm will be providing is account information services (AIS), you can apply to register as a registered account information service provider (RAISP).
On 13 January 2018, providing account information services became a regulated activity. Providers of this service must be registered (subject to transitional arrangements for firms that were providing these services on or before 12 January 2016).
If you are intending to provide AIS alongside other payment services, you will need to become an authorised payment institution.
You can apply for registration as a RAISP via Connect.
Before you apply
Before you apply to become a RAISP, you must meet the following conditions:
- you must carry on - or will carry on - some of your AIS business in the UK (you must not provide any payment services other than AIS)
- you have robust governance arrangements and internal procedures and control mechanisms
- you have a business plan
- you hold adequate indemnity cover
- directors and managers must be of good repute with appropriate skills to provide payment services
- managers must not have been convicted of money laundering, terrorist financing or other financial crimes
Details you need to give when you apply
Together with the application form, which you must submit via Connect, and the relevant fee (non-refundable), you will need to give us details of:
- your governance arrangements and internal procedures (for example, the structures you have in place to run a business effectively)
- the people responsible for payment services
- any agents acting on your behalf (if relevant) - you won't be able to submit agent forms on Connect until we authorise your firm
- your procedure for incident reporting, managing sensitive payment data, business continuity arrangements, principles and definitions used when collecting statistical data
- your security policy
Register each person who will manage your RAISP
Provide information for each person responsible for your payment services via Connect.
When completing the form, refer to the notes.
Notify us of changes in business managers
You must notify us of any changes in the people responsible for payment services.
Apply to provide payment services in other EEA states (passporting)
RAISPs can provide payment services in other European Economic Area (EEA) states through a cross-border notification arrangement (known as 'passporting').
Once your RAISP has been authorised, you can apply to:
- establish a physical presence in the state (for example, if your firm wanted to open an office, or use an agent based in that state)
- provide cross-border services (for example, if you provide payment services without a permanent physical presence)
Find more information on applying for passporting.
You must register an agent with us who’ll provide payment services on your behalf. However, you will not be able to notify us of any agents (using Connect) until after the RAISP has been registered.
You are responsible for the services of your agent.
You must tell us if you change agents, if their details change, or if you cease dealing with an agent.
How long it takes
We should acknowledge your application within 7 business days. A case officer will then be assigned to your application, to assess the information provided and make a determination.
We will make a decision on your application within:
- 3 months (if we have all the information and evidence that we need)
- 12 months (if your application is incomplete)
To avoid delays in your application, make sure you answer all the questions fully. Learn more about some of the common reasons for delays and how to avoid them, and read our important information before applying.
Please note that we may not accept a submission for registration as a RAISP under the Payment Services Regulations 2017 (the PSRs) as an application, where it fails to provide the minimum information set out in Regulation 17 of the PSRs.
If we refuse to accept it, we will set out why and refund the application fee. Applicants are welcome to resubmit an application containing all the relevant information at any time.
There may be circumstances where your application does not show that the firm can meet the conditions of registration, and we will need to take steps to refuse the application. We will provide you with details of this process.
Find out what to read before applying.
Once your application has been received and a case officer assigned, you should contact them with any queries. Alternatively, you can contact us.
29/07/2020: Information added detailed application information