Dear Valued Stakeholder, We are issuing this advisory to communicate our insights and recent experiences regarding the current licensing framework managed by the Financial Conduct Authority (FCA) in the United Kingdom. This advisory is backed by extensive discussions with a…
The process for applying for a Small Payment Institution (SPI) license is fairly straightforward, but it does require that businesses fulfill certain requirements. A completed application form along with the necessary supporting documentation must be submitted to the Financial Conduct…
Here is more information on the process for obtaining a small payments institution license in the UK: As part of the application process, the FCA will assess whether you meet the following requirements: If the FCA grants you a small…
What is a Payment Institution (PI)? A Payment Institution (PI) in the EU is a firm that has obtained an Authorised Payment Institution (API) License or a Small Payment Institution (SPI) License. With these licenses, the firm can provide various…
To apply for the SPI licence, the following criteria must be met (from the FCA website):
What is a Small Payment Institution License in the UK and Who Issues it? A small payment institution (SPI) license in the United Kingdom is a type of license that allows a company to carry out limited payment services within…
A Small Payment Institution in the UK is issued by the FCA which currently regulates about 59,000 firms. A SPI license in the UK enables you to offer a lot including depositing and withdrawing money from a payment account, execution…
The Small Payment Institution (SPI) license is required to offer payment services in the UK and the EU. This license is also referred to as the registered license, as opposed to the authorized license; also called the Authorized Payment Institution(API).…