UK Electronic Money and Payment Institution

Payment Account Services

Licensed institutions can offer cash placement and withdrawal services on payment accounts, along with all related account management operations.

Payment Transaction Execution

Authorized businesses can process payment transactions, including fund transfers between accounts held with the same or different payment service providers.

Money Remittance and Card Services

Licence holders can provide money remittance services, issue payment instruments, acquire payment transactions, and offer merchant payment processing solutions.

Payment Initiation and Account Information Services

Licensed institutions can initiate payments directly from user bank accounts and provide consolidated account information services, subject to user consent.

Initial Capital Requirements

EMI licence holders must hold a minimum initial capital of EUR 350,000, while Authorized Payment Institutions offering payment accounts or merchant acquiring require EUR 125,000, and money remittance providers require a minimum of EUR 20,000.

UK Operational Presence

Both the head office and registered office must be located in the United Kingdom, with the company's management present and working from the UK office daily.

IT Infrastructure Readiness

On the day the licence is granted, the business must have a fully operational and ready-to-use IT system in place to support all licensed payment or e-money services.

Licensing and Annual Fees

Licence fees range from GBP 500 for small PI or EMI registrations to GBP 5,000 for full EMI authorization, with an ongoing annual fee payable to the FCA each year after services are authorized.