Application Process for Payment Institutions

The purpose of this section is to provide information to firms considering applying for authorisation as a payment institution or registration as an account information service provider (the latter in respect of the provision of account information services (AIS) only). The Central Bank of Ireland (the Central Bank) is the competent authority in Ireland for the authorisation and supervision of payment institutions under the European Union (Payment Services) Regulations 2018 (PSR).

Each applicant seeking authorisation/or registration must satisfy the Central Bank that it can meet the authorisation/registration standards set out in the PSR. In fulfilling its statutory role in this regard, the Central Bank adopts a robust, structured and risk-based process that seeks to ensure that only those applicants that demonstrate compliance with these authorisation requirements are authorised.

The Central Bank seeks to process each application as expeditiously as possible while meeting its obligation to operate a rigorous and effective gatekeeper function.  It aims to ensure that the application process is facilitative and accessible from the perspective of applicants and, importantly, that applicants have clarity with regard to the process, its requirements and timelines.

Application Process

Key Stages in the Application Process

Small Payment Institutions

Please note that while Regulation 41 of the PSR provides that the Central Bank may waive all or part of the procedure and conditions set out in Regulations 7 to 40, with the exception of Regulations 25,26, 33 and 35 of the PSR and register a firm as a “small payment institution” as defined therein, the Central Bank has not availed of this discretion. There is, therefore, no small payment institution regime in place in the State and firms wishing to provide payment services are required to apply for authorisation as a payment institution.

Service Standards Performance Reports

Read more about our Service Standards Performance Reports.
The reports set out the Central Bank's performance against Service Standards that it has committed to in respect of

(i) Authorisation of Funds

(ii) Authorisation of Financial Service Providers and

(iii) Processing of Fitness and Probity applications, on a half-yearly basis.