Payment Institutions

A ‘payment institution’ is defined in the Payment Services Directive ('Directive') as a legal person (i.e. must be incorporated - sole traders cannot be authorised) that has been granted authorisation in accordance with Regulation 18 of the European Communities (Payment Services) Regulation 2009 ('Regulations') to provide and execute payment services throughout the European Community. 

The Directive was transposed by S.I. No. 383 of 2009 European Communities (Payment Services) Regulations 2009 which became effective in Ireland on 1 November 2009.  The Central Bank of Ireland ('Central Bank') is the competent authority for the purpose of implementation of the Directive. 

Payment institutions must obtain authorisation from the Central Bank in order to provide payment services. The provisions of the Regulations will apply to persons providing ‘payment services’.  

Industry Communications

8 December 2017

The Central Bank of Ireland has published a Guidance Note on the specific requirements provided for in the revised Payment Services Directive (Directive (EU) 2015/2366) (PSD2), that apply to persons seeking approval for a Pre-Approval Controlled Function role in a Payment Institution or Electronic Money Institution (F&P Guidance).

Links to the F&P Guidance can be found for:

1. Authorisation as a Payment Institution

2. Authorisation as an Electronic Money Institution

3. Amendments Processing for Payments Institutions

4. Supervision Process for Payments Institutions

5. Amendments Processing for Electronic Money Institutions

6. Supervision Process for Electronic Money Institutions

The Central Bank has issued this Guidance Note to provide support to applicants completing the Fitness & Probity Individual Questionnaire via our Online Reporting System.

Note
This notice applies to persons seeking approval for a Pre-Approval Controlled Function role in a firm seeking authorisation as a Payment Institution or Electronic Money Institution or in a firm that has already been granted an authorisation as a Payment Institution or Electronic Money Institution by the Central Bank.