How to apply for authorization as a payment institution before the Bank of Spain

Are you planning to provide payment services in Spain as a payment institution? In accordance with RD 19/2018, payment institutions must apply for authorization from the Bank of Spain. However, the authorization process can be complex and time-consuming, especially for those with higher business volumes. Fortunately, Attolón can provide expert help to guide you through the authorization process, making it easier for you to get started with your payment services.

Payment Services Requiring Authorization

As a payment institution in Spain, you must apply for authorization from the Bank of Spain if you provide professional payment services, such as payment operations and money transfers, payment instrument issuance or payment operation acquisition, money sending, payment initiation services, and information about accounts. However, certain providers, such as credit entities, may also provide payment services. Exceptions are made for aggregators who only offer account information services and entities with an average total value of executed payment transactions not exceeding three million euros in the preceding 12 months.

Specialized Payment Service Attorney

Navigating the authorization process can be difficult, especially if you're unfamiliar with the requirements. That's why it's advisable to consult a specialized payment service attorney in each case to ensure that your application is complete and meets all the necessary criteria.

Authorization Process for Branch Openings and Service Provision

If you're a recognized payment entity from another EU member state, the authorization process for branch openings and service provision in Spain is relatively lenient. You'll only need to register with the Mercantile Registry and the Bank of Spain's Special Registry. However, when starting free service provision, the Bank of Spain must receive a communication from the supervisory authority of the parent state.

Bank of Spain Guide

The Bank of Spain provides a guide accessible from its website to help payment institutions with the registration process. Payment institutions must submit the corresponding forms and documents to complete the simplified registration procedure for those with less business volume. Otherwise, they will have to undergo a general authorization process.

Simplified Registration Procedure

If your payment institution has less business volume, you can take advantage of the simplified registration procedure. To do this, you'll need to submit the corresponding forms and documents required by the Bank of Spain. This will help speed up the authorization process, making it easier for you to get started with your payment services in Spain.