We have regulated payment services since 2009. By regulating this activity, we are implementing the Payment Services Directive.
What is a payment service?
Firms that facilitate or act as an intermediary in an electronic means of payment may be providing payment services. This includes (but is not limited to):
- services covering all cash to be paid into or withdrawn from a payment account
- all of the operations required for operating a payment account
- direct debits, including one-off direct debits
- payment transactions carried out through a payment card
- credit transfers, including standing orders
Who the Payment Services Regulations (PSRs) affect
The PSRs affect firms providing payment services and their customers. These firms include:
- building societies
- e-money issuers
- money remitters
- non-bank credit card issuers
- non-bank merchant acquirers
Consult our Perimeter Guidance to see if you fall within the scope of these regulations.
Small payment institutions (SPI)
You can apply for registration as a small payment institution and be exempt from authorisation and prudential requirements if your firm:
- has an average monthly payment value of no more than €3 million
- does not intend to provide payment services on a cross-border basis
You must register with us if you wish to become registered as a small PI.
Payment Services Regulations: the aims
The PSRs aim to:
- create a class of regulated firms known as payment institutions, which must be authorised or registered by us
- enhance competition, efficiency and innovation in the European payments market by removing barriers to entry and ensuring fair market access
- establish a set of rules on the information requirements, and the rights and obligations applicable to all payment service providers and end-users in the EU
Payment Services Regulations: e-learning
Read our e-learning for an overview of the Payment Services Regulations 2009, covering the authorisation and registration requirements and the conduct of business requirements.
The e-learning is free to use and no record will be kept of your score.