General information - Payment Service Provider (PSP)
PSP license allows you to provide following services:
- services which enable to make cash payments to payment accounts and all acts required for the holding of payment accounts;
- services which enable to withdraw cash from payment accounts and make all acts required for the holding of payment accounts;
- execution of payment transactions, including transfer of funds to a payment account opened with a payment service provider;
- execution of payment transactions if the funds have been granted as a loan to the client of the payment institution;
- issue of payment instruments specified in law;
- acceptance of payment transactions;
- money remittance;
- payment initiation service;
- account information service.
License allows you to work in all EEA countries.
Holders of a Estonian license are allowed to provide payment services in the European Economic Area (EEA) without having to obtain an additional license in another EEA state (passporting).
KEY TAKEAWAYS OF PASSPORTING
- Passporting allows a firm registered in the European Economic Area (EEA) to do business in any other EEA state without the need for further authorization from that country.
- Passporting eliminates regulatory barriers to free trade between EEA member states, making trade between these states as easy as—and, in some ways.
E-Money Institution - General information
An e-money institution may, in addition to the issue of e-money, be engaged in the following:
- provision of payment services;
- grant of loans related to the provision of payment services (upon meeting some obligatory conditions);
- provision of ancillary services closely related to the issue or administration of e-money or payment services;
- operation of payment systems.
License allows you to work in all EEA countries.
Holders of a Estonian license are allowed to provide e-money services in the European Economic Area (EEA) without having to obtain an additional license in another EEA state (passporting).
KEY TAKEAWAYS OF PASSPORTING
- Passporting allows a firm registered in the European Economic Area (EEA) to do business in any other EEA state without the need for further authorization from that country.
- Passporting eliminates regulatory barriers to free trade between EEA member states, making trade between these states as easy as—and, in some ways.