Authorized Payment Institution (API)

An Authorised Payment Institution (API) is one that has been approved by a financial regulatory body and is allowed to offer payment and financial services in that particular region. In order to do so, the institution must apply for an API License and must meet certain requirements. The application has to be made to the financial regulatory body of that region. The criteria to be met is also laid down by this regulatory body, which charges an application fee to review your application and then issue a license. In most regions, the general requirements include a minimum initial capital amount, which varies depending on the scope of services offered and the region. Any institution that holds an API License can provide the payment services highlighted in the Second Payment Services Directive (PSD2). Obtaining an API License can take between 6 to 12 months.

API License UK

API License EU (European Union)

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This page was last updated on February 3, 2022.