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Obtaining a Payment Institution license in Ireland

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Obtaining a PI license in Ireland in 2020

Key benefits of obtaining a PI license in Ireland:

  • Stable economic situation;
  • Prestigious jurisdiction;
  • Developed financial system;
  • State's interest in investment inflows;
  • Favorable business environment;
  • High level development of online banking.
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The provision of payment services in Ireland is regulated by the Central Bank of Ireland (CBI). Accordingly, the conduct of this type of business implies obtaining an API license in Ireland. Therefore, further in our article we will take a closer look at this issue.

Ordering a PI license in Ireland

Please, take into account that, since the obtaining of an authorized payment institution license in Ireland is carried out under the EU standards, the procedure is very similar to that in other EU member states, and, in general, can be divided into 5 stages:

  1. Applying for an API license to the CBI: the regulator confirms the acceptance of the application;
  2. Key information verification: the regulator verifies the information, and if there is not enough key information, informs the applicant about it, and suspends the consideration of the application;
  3. Evaluating the application by the regulator: if there is enough information, the application is assessed for compliance with the requirements, and the regulator gives initial comments within 90 days. The regulator may request additional information;
  4. Notification of the applicant company about the assessment: if the regulator is satisfied with the application, it informs the applicant about its willingness to issue a license;
  5. Notification of decision: if the applicant company agrees to the terms of licensing, the regulator grants a PI license.
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Filling out an application with the CBI for obtaining an API license

The application procedure includes a preliminary meeting of the company's representatives with representatives of the regulator. At this stage, the company's planned activities, the necessity and possibilities of obtaining a payment institution license in Ireland are discussed.

After the preliminary meetings, the first stage of licensing begins with applying for obtaining a payment system license from the CBI. Along with the application form, the company also submits a package of documents, which, inter alia, includes:

  • AOA and MOA (copies);
  • A detailed business plan for three years, including financial forecasts;
  • Financial operations program;
  • Description of management and internal control mechanisms;
  • Description of monitoring and security procedures;
  • Questionnaires filled out by directors and key persons of the company, including the indication of personal information;
  • Description of the corporate structure.
Capital requirements for Irish payments institutions

Before applying to the Central Bank for obtaining an Irish PI license, the company must take care of the availability of minimum capital. Its value depends on the services that the company plans to offer:

  • 20,000 EUR: only money transfers;
  • 50,000 EUR: payment transactions, the confirmation of which is given by the payer using a telecommunication, digital or IT device, and the payment is made to the operator of a telecommunication or IT system, which acts as an intermediary between the payer and the recipient;
  • 125,000 EUR: the provision of several payment services.

After obtaining a payment system license in Ireland, the licensee company must constantly maintain the sufficient capital. The share capital requirements are calculated according to special formulas, and depend on the volume of payment transactions.

Conclusion

This article has been prepared and presented for informative purposes, and cannot be taken as an instruction for action or legal advice.

Detailed and specific information on obtaining a license, you can receive from IQ Decision experts by asking for legal advice on licensing procedure of payment systems in the EU.

Moreover, we draw your attention to the fact that our company’s specialists assist its clients at all stages of obtaining an Irish API license, are ready to prepare all the necessary documents, as well as register a company in Ireland and open a corporate bank account.

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

  • Still have any questions?

    Fill out the form or contact us as you find convenient: skype, telegram, etc. Our experts will help you resolve the issue.

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