Eternity Law International News Small Payment Institution in Poland

Small Payment Institution in Poland

September 1, 2022

Some time ago, new provisions regarding regulation of payment industry were adopted in the Polish jurisdiction. Then a new unit was added to this sector – a small payment institution in Poland. Operations of such an establishment are subject to control by government agencies, therefore, entrepreneurs who intend to open such a company must obtain an appropriate license. In addition, SPIs must have a special permit from the financial supervisory authorities – KNF.

What is SPI in poland?

It is a registered firm offering next-mentioned services:

  • accepts cash deposits, provides services for withdrawing cash from the account, i. e., performs all actions that are necessary for clients;
  • payments, in particular direct debiting;
  • card payments or credits;
  • fulfillment of any transactions with money received as credit resources;
  • acceptance of payment remedies;
  • money transfer.

At the same time, SPI licensed company cannot initiate payments on its own and perform any services requiring direct access to consumers’ accounts. Thus, list of services of such a company is similar to that which is allowed to be provided to ordinary payments structures.

Restrictions regarding Small Payment Institution in Poland

Entrepreneurs who think about SPI company for sale are allowed to carry out any operations designated as company’s commercial operations within territory of Poland. Additionally, during the working year, the total transactions’ amount that were made by the organization should not exceed 1.5 mln euros every thirty days. This amount also covers operations made by the firm through intermediary agents.

Entering SPI data into the registry

Entrepreneurs wishing to open and establish an SPI in Poland must be prepared to enter the details of the company in the general Register. In order to make corresponding entry, owner of the SPI must first send a request. Application is sent to supervisory body in written form and with necessary package of documentation.

Request must be submitted by businessperson who owns SPI and intends getting this status for his/her organization and, accordingly, a permission. As already noted, operations performed by such organizations are regulated by the KNF. The general registration procedure as an SPI has a much simpler organization and takes 3-6 months in time. It is worth noting that SPI can easily be transformed into a nationwide payments firm.

Obtaining an SPI license in Poland is a simple process and is available to every executive intending to establish their own merchant structure in this jurisdiction. However, the help and support of specialists is a guarantee of successful licensing and a guarantee of rapid integration into the local market. Contact us and we will help you not only with obtaining the appropriate permit, but also offer many options for ready-made SPI in Europe for sale.

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