In the wake of Brexit, one cannot simply passportPassport an EU license to the United Kingdom and vice versa. Any payment institution that wishes to operate in the UK has to apply for a UK-specific API (Authorized Payment InstitutionAuthorized Payment Institution ) or SPI(Small Payment Institution) license as regulated by the FCA. This includes Money Transmitters, Money Services Businesses and Remittance & Money Transfer Operators. You need to have monthly transfers worth £3 million or less to apply for an SPI license as opposed to an API.
To apply for a new SPI license on the FCA connect platform , you will need the following:
1. The application form
2. Payment Services Directive(PSD) individual forms to register each person who will manage your Payment Institution(PI)
3. Qualifying holdings forms, if applicable
4. Agent forms for anyone who will act on your behalf, if applicable
5. The application fee (non-refundable)
To get help from experts when applying for a new UK SPI license, contact us below!
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This page was last updated on February 1, 2022.