Authorisation of Payment Institutions and Electronic Money Institutions and Registration of Account Information Service Providers

The Central Bank is the competent authority in Ireland for:

  • the authorisation of Payment Institutions under the European Union (Payment Services) Regulations 2018.
  • the authorisation of Electronic Money Institutions under the European Communities (Electronic Money) Regulations 2011 (as amended).
  • the registration of Account Information Service Providers under the European Union (Payment Services) Regulations 2018.

Applicants seeking authorisation/registration must clearly demonstrate that they can meet the applicable authorisation/registration requirements.  The Central Bank adopts a robust, structured and risk-based process that seeks to ensure that only those applicants that demonstrate compliance with the authorisation/registration requirements are authorised.  This process aligns with guidance issued by the European Banking Authority (EBA).

The Central Bank seeks to assess each application as expeditiously as possible while meeting its obligation to operate a rigorous and effective gatekeeper function.

Central Bank Expectations for Authorisation as a Payment Institution or Electronic Money Institution, or Registration as an Account Information Service Provider

Central Bank of Ireland Expectations for PIEMI Authorisation and AISP Registration | pdf 685 KB

Applicant firms seeking to operate in the Irish market and bring innovation to customers reasonably look to be authorised in a timely manner.  The Central Bank’s intent is that there is clarity, transparency and predictability for applicant firms looking to be authorised/registered, while maintaining the high standards the public expects for regulated providers of financial services.  It is the Central Bank’s objective to support applicant firms in understanding their obligations, resulting in applications which are more complete and can, in turn, be assessed more quickly by authorisations staff. 

Please view Central Bank of Ireland Expectations for PIEMI Authorisation and AISP Registration before engaging with the Central Bank, as applicants must satisfy themselves that they are capable of meeting these expectations.

Central Bank Assessment Process for Authorisation as a Payment Institution or Electronic Money Institution, or Registration as an Account Information Service Provider

As illustrated on Page 6 of the Central Bank’s expectations, the assessment process consists of the following three stages:

  • Exploratory Stage. This consists of two phases:
    • Initial meeting with the applicant firm; and
    • Submission of required information (Key Information Check) and initial assessment;
  • Assessment Stage; and
  • Authorisation/Registration Decision Stage.

Central Bank Service Standards

The Central Bank has published service standards in respect of the processing of applications for authorisation of Payment and Electronic Money Institutions and registration of Account Information Service Providers as follows:

 

Standard Target
Exploratory Stage: Phase 1
To acknowledge receipt of application (initial contact)
  		95% within 3 business days of  initial contact
Exploratory Stage: Phase 2
To complete key information check 		95% within 10 business days of receipt of application
Assessment Stage
To complete the assessment phase
and notify applicant of outcome 		 
90% within 90 business days of commencement of the assessment phase
 
Authorisation/Registration Decision
To complete the notification of decision phase and notify applicant of outcome 		90% within 10 business days of receipt of a satisfactory response to  matters detailed in the “Minded to Authorise/Register” letter

Please note that the 90 day Service Standard clock for the Assessment Stage will be paused where an information request has been issued to the applicant until such time as a satisfactory response has been provided. In addition, the clock can be switched off entirely where any of the following arise:

  • Another regulatory authority has to be contacted;
  • Persons are subject to interview;
  • Significant legal issues arise;
  • Significant fitness and probity issues arise;
  • The business model is complex or novel in nature;
  • Significant changes to the business model, the applicant’s shareholder structure or other key aspects of an application arise during the review process, or where the application becomes dormant; or
  • The Central Bank is minded to refuse an application.  

Central Bank Dormancy Policy

The Central Bank’s dormancy policy applies when an applicant has not provided an adequate response within 60 working days following the issuance of comments. A “Minded to Deem Withdrawn” letter is sent to the applicant after 50 working days of comments issued, notifying the applicant that it has 10 working days to provide all outstanding documentation or the application will be considered withdrawn. If the applicant does not respond within the 10 working days, a “Deemed Withdrawn” letter is sent and the application is not considered further by the Central Bank.

Small Electronic Money Institutions

Firms intending to seek registration as a Small Electronic Money Institution, as defined in Regulation 33 of the European Communities (Electronic Money) Regulations 2011 (as amended), should contact the Payments Authorisation Team ([email protected]).

Small Payment Institutions

There is no small payment institution regime in place in Ireland, and firms wishing to provide payment services are required to apply for authorisation as a payment institution.

PSD2 Application Key Facts Document | pdf 174 KB

What to Read Before Engaging with the Central Bank

In advance of contacting the Central Bank you should be familiar with the following documents:

Frequently Asked Questions