How do businesses become registered or authorised as a Payment Institution (PI)?

Any business wishing to become authorised or registered needs to complete an application form and submit it to their National Competent Authority (<a href="/glossarycollection/national-competent-authority" style="color:#48277C;" target="_blank" title="National Competent Authority"><u>NCA</u></a>). In the UK this would be the Financial Conduct Authority (<a href="/glossarycollection/financial-conduct-authority" style="color:#48277C;" target="_blank" title="Financial Conduct Authority"><u>FCA</u></a>). A fee is charged to make the application.