PSD2 was published in the European Union's Official Journal(link is external) on 23 December 2015. PSD2 will be implemented in the UK by the Payment Services Regulations 2017 (PSRs 2017(link is external)), which amend the existing EMRs. The changes took effect on 13 January 2018. PSD2 aims to bring regulation up to date with developments in the payment services industry and to promote further innovation. It also aims to improve consumer protection, make payments safer and more secure, and drive down the cost of services by encouraging competition in the marketplace. Find out more about PSD2 and the PSRs 2017. PSD2 will impact all firms that issue e-money and provide payment services. Firms that are authorised or registered under the current EMRs will need to apply to be re-authorised or re-registered under PSD2 and the amended EMRs in order to continue issuing e-money and providing payment services. Further information on application deadlines. PSD2 is also relevant for new businesses seeking authorisation or registration under the EMRs. It will introduce a number of significant changes including new conditions of authorisation and registration. You are now able to submit applications under PSD2 and the amended EMRs. Businesses applying for re-authorisation or re-registration under PSD2 will need to provide all the information we need with an application by 13 April 2018 in order to continue operating on or after 13 July 2018.

Step 1

Application Approval & licence is issued
We hear back from the regulator who may have further questions. We prepare the response and manage communication on your behalf. Your application is approved and licence issued, usually within 3-4 months.

Step 2

Application preparation
We work closely with you in understanding your organisation and its processes. We prepare your application, policies, business plan, and financial statements. Finally, we submit your application.

Step 3

Planning & Execution
We advise you on your business requirements and agree on a course of action. We advise you on your regulatory requirements, fees, and time-scales involved. We also offer a fast-track service.

Step 4

Assessment & Suitability
We listen to you to understand your business, your customers and your requirements. If you prefer, we can meet you in person to discuss the above in more depth.


Licencing (Authorisation)
End-to-end authorised electronic money institution (EMI) licence application preparation. Full management of communication with the regulator until your licence has been issued.
Full compliance support
We focus on your compliance so you can focus on your business and its growth. We offer 2 levels of compliance support packages to support you in areas including risk, compliance, and auditing.
Obtaining banking facilities
From helping you obtain operational banking facilities to issuing cards and virtual IBANs, our service has your customer's needs in mind.
Full consulting support
Our partnership with you extends to consulting services, including legal, accounting, recruitment, business development, product development, and market strategy.

  • A programme of operations.
  • A business plan including a forecast budget calculation for the first three financial years.
  • Evidence that you hold initial capital.
  • A description of the measures taken for safeguarding electronic money service users’ funds.
  • A description of the governance arrangements and internal control mechanisms, including risk management and accounting procedures.
  • A description of the procedure for monitoring, handling and following up security incidents and security-related customer complaints, including an incidents reporting mechanism which takes account of the notification obligations.
  • A description of the process for filing, monitoring, tracking and restricting access to sensitive payment data.
  • A description of the business continuity arrangements, including clear identification of the critical operations, effective contingency plans, and a procedure for regular testing and reviewing of the adequacy and efficiency of such plans.
  • A description of the principles and definitions used in collecting statistical data on performance, transactions and fraud.
  • A security policy.
  • A money laundering and countering terrorism financing policy.
  • A description of the structural organisation, including, agents, branches, and outsourcing.
  • Details of shareholders and their qualifying holding.
  • Details of directors and persons who are or will be responsible for the management of the company.
  • The legal structure of the company.
  • Details Assessment of the IT System which is fit for the business.

If you want to issue electronic money (e-money), you must register with or become authorised by us as an electronic money institution (EMI) in accordance with the Electronic Money Regulations 2011 (EMRs). EMIs need to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017(link is external)

If you expect your business to not generate more than an average of €5m of outstanding e-money immediately before registration, you may apply to register as a small EMI. You can also provide unrelated payment services if the average monthly turnover in payment transactions isn’t more than €3m. By ‘unrelated’ we mean payment services that do not arise directly as a consequence of your e-money activity. You need to fill out the registration application for a small EMI via Connect.

You are exempt from registration or authorisation if your firm is a:

  • Credit institution
  • Bank
  • Building society
  • Credit union, or
  • Municipal bank
  • Instead, you need Part 4A permission under the Financial Services and Markets Act 2000(link is external).

You must apply to become an authorised EMI if your firm doesn’t qualify as a small EMI (if your business will generate more than €5m average outstanding e-money). If your firm does qualify as a small EMI, you can still choose to apply to become an authorised EMI if, for example, you want to issue e-money in other European Economic Area member states. Your firm can also provide other payment services not related to e-money (unrelated payment services).