#Moneymoney psd2 api subscription license

Ancillary services related to their primary servicesīroadly speaking, payment institutions can provide the same services as electronic money institutions.

Money remittance services Forex services.The issuing and/or acquiring of payment instruments.The execution of payment transactions which includes credit transfers, direct debits through payment cards or similar devices.In terms of PSD2, payment institutions can offer their customers the following services: The activities of payment institutions are now regulated in PSD2 and its national implementation by the EU Member States. To do this, they typically provide merchants with a merchant account and a payment gateway that allows businesses to accept their payments.Ī Payment Institution (PI) is a specific type of payment service provider that was created in terms of Directive 2007/64/EC, also known as Payment Services Directive 1 (PSD).

What Is a Payment Service Provider (PSP)?Ī Payment Service Provider, also known as merchant service providers, help merchants to accept payments through debit or credit cards and bank transfers. Fortunately, we’re here to help, and with this post, we’ll delve deeper into the respective licenses, their requirements and what services they entitle companies to offer. What makes it challenging is that there’s so much information available, it’s often difficult to know where to start. Likewise, the payment accounts companies are able to provide their customers also varies. For example, the initial capital requirements for each differ significantly.

#Moneymoney psd2 api subscription license

For any company wishing to enter the payment industry, one of the inevitable decisions they’ll need to make is whether they’ll apply for an Electronic Money Institution (EMI) license or operate as a Payment Service Provider (PSP).Įach of these has its specific requirements that companies need to take into account depending on the services they want to offer to their customers.