The Central Bank has introduced an updated application process for Payment Institutions and Electronic Money Institutions.

New application documentation and guidance notes are now available to provide greater clarity to applicants regarding the requirements of the application process and to increase the effectiveness and efficiency of the process. The content of the relevant pages on the Central Bank website has also been updated to enhance their transparency and usability by Payment Institution and Electronic Money Institution applicants in terms of facilitating a clear understanding of the various stages and timelines of the process.

At all stages in the process the applicant will be kept informed of the progress of its application and the next steps in the application process. Firms also now have the option of a pre-application meeting to discuss the application process and key areas that need to be addressed in any formal application.