Setting up your Money Services Business – Authorised Payment Institution (API)

RemitONE offers a unique service designed for Money Service Businesses (MSBs) such as yourselves who are looking to get a money transfer license in the UK, Europe and North America.

As part of this service, we can help you with Small Payment Institution (SPI), Authorised Payment Institution (API) and E-Money Institution (EMI) license applications. We can also help source bank account solutions from our valued partners for you. There are no guarantees of course as this depends on a range of factors beyond our control. But we have a great track record of helping our clients get MSB licensed!

We’re always trying to simplify complexities for MSBs. Technology underpins your entire money transfer license application. The approach here is to demonstrate to the regulator that you, as an MSB, plan to use a proven, compliant remittance technology platform (provided by RemitONE) to run your operations. Using the RemitONE platform as the basis for your MSB application, we will apply to the regulator for the MSB license you want.

Who is the FCA?

The Financial Conduct Authority (FCA) regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. It focuses on the regulation of conduct by both retail and wholesale financial services firms.

What is API licensing?

The FCA, in accordance with Payment Services Regulations, defines an authorised payment institution (API) as being any person, including a corporate entity, authorised as a payment institution and included by the Financial Conduct Authority in the Financial Services Register as an authorised payment institution.

API license requirements:

  • Initial capital
  • UK corporate office setup
  • UK team setup
  • Adequate IT system in place

Under this option, when your business becomes authorised, it means that you can offer payment services and provide them across all EEA (European Economic Area) countries, even though your license is obtained in a single EEA state e.g. the UK.

What are the benefits of working with RemitONE for your API licensing needs?

  • Fast and reliable route to start your money service business
  • We will provide you with an end-to-end solution including assigning you to personnel for licensing requirements and setting up a test system to present to the FCA
  • Gain access to all the key information and contacts from us and save time and money

To discuss further contact us at RemitONE