Payment Institutions

Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 (PSD2) was transposed into Irish law by Statutory Instrument No. 6 of 2018, the European Union (Payment Services) Regulations 2018 (PSR), which became effective in Ireland on 13 January 2018.  The PSR replaced the previous European Communities (Payments Services) Regulations 2009 which transposed Directive 2007/64/EC (PSD1) into Irish law and became effective on 1 November 2009.  The Central Bank of Ireland (Central Bank) is the competent authority in Ireland for the authorisation and supervision of payment institutions under Regulation 33 of the PSR.  As competent authority, the Central Bank’s role is to ensure and monitor effective compliance with the PSR.

A payment institution means a payment institution authorised by the Central Bank under Regulation 18 of the PSR. 

Payment institutions must obtain authorisation from the Central Bank in order to provide payment services. The provisions of the PSR will apply to persons providing payment services as listed in the Schedule to the PSR.

Please refer to the following PSD2 - Frequently Asked Questions section for details on the PSD2 and the new PSR that may be of relevance to your firm.

Industry Communications

24 January 2018
Following the transposition of Directive (EU) 2015/2366 (PSD2) into Irish law by way of the European Union (Payment Services) Regulations 2018 (PSR), the Central Bank has updated its application documentation for applicants seeking authorisation/registration as a Payment Institution (PI)  or an Electronic Money Institution (EI) to reflect the PSR. The revised Application Forms and Guidance Note documentation can be found on the Payment Institutions and Electronic Money Institutions authorisation pages of the Central Bank’s website.  Firms should use these forms when applying for authorisation/registration as a PI or an EMI.