License to operate a payment institution
Companies that wish to carry out payment services must apply for a license to do so. In the assessment of whether a company carries out payment services that require a license, a key element is whether the company has authority over the funds of other parties in connection with payment transactions. It is possible to apply for an “ordinary” license or limited license as a payment institution.
Financial Supervisory Authority of Norway - Payment institution license (in Norwegian only)
About this form
Companies that wish to carry out payment services.
If a license to operate as an ordinary payment institution is applied for, the application must be submitted with documentation containing relevant information in accordance with laws and regulations. Section 3-1, subsection 3 of the Financial Institutions Act stipulates the information that must be enclosed with an application.
Minimum requirements for start-up capital for a payment institution are conditional upon the payment services offered by the payment institution. For example, a payment institution that only offers money transfers must have start-up capital in an amount in Norwegian kroner at least equivalent to EUR 20,000.
After a payment institution with an ordinary license has commenced its activities, requirements are set for own funds that must be complied with at all times. The requirements for the calculation of own funds are stipulated in the Financial Institutions Regulations. For a payment institution with a limited license, the requirement for own capital is an amount in Norwegian kroner equivalent to EUR 20,000.
Requirements are set for the payment institution’s board of directors, managing director, actual management and managers of key functions having to be deemed suitable to hold their position or office. These requirements apply both for payment institutions with an ordinary license and payment institutions with a limited license.
Financial Supervisory Authority of Norway - Rules for payment institutions
Fee
A fee of NOK 30,000 is charged for an application for a license to operate as a payment institution. This applies both for payment institutions with a full license and payment institutions with a limited license to provide money transfers.
