If FCA business's average monthly turnover in payment transactions was less than €3 million per month in the preceding 12 months, you can apply to register as a small payment institution (SPI).To apply, you should complete the form on FCA online system Connect. Businesses that are registered as SPIs are not permitted to provide AIS or PIS under PSD2 and are not permitted to provide payment services in the EEA.
If the only payment service FCA firm will be providing is AIS, you can apply to register as a RAISP. You will be required to be registered to provide these services from 13 January 2018 (subject to transitional arrangements for firms that were providing these services on or before 12 January 2016). To apply, you should complete the form on FCA online system Connect.
You can apply to become an API if you:
Don’t qualify as an SPI, for example, if FCA average monthly turnover in payment transactions is over the €3m threshold want to provide payment services in the EEA (for example, through an agent based in another member state) To apply, you should complete the form on FCA online system Connect.Further information can be found in Chapter 3 of The FCA’s role under the Payment Services Regulations 2017: FCA approach..