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What's the difference between a Payment Institution and a Small Payment Institution?

The difference centres around the Payment Institutions (<a href="/glossarycollection/payment-institution" style="color:#48277C;" target="_blank" title="Payment Institution"><u>PI</u></a>) size and business activities. If a PI does not provide account information or payment initiation services, their average payment transactions turnover is below €3 million per month, and it does not require passporting rights, it can register as a 'small PI. Registration is cheaper and simpler than authorisation and has no ongoing capital requirements.<br/><br/>

(c) The Financial Conduct Authority

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