Obtaining an SPI in Poland

1. Requirements for SPI
2. Payment services that SPI may provide
3. Restrictions for SPI activities in Poland
4. Licensing process

SPI (Small Payment Institution) is a small payment institution. SPI in Poland enables small business entities, in particular newly created ones, to provide most payment services, while SPIs are subject to less stringent requirements than national payment institutions.

SPIs may not be limited to payment services, but may also provide unpaid services – such an institution will be called hybrid.

In this way, the range of services that can be provided by the economic entity is expanded, with the help of the possibility, for example, of processing payments.

Requirements for SPI

• There are no restrictions on the legal form for SPIs: they can be joint-stock companies, limited liability companies or individual entrepreneurs.
• Simplified formal requirements for registration
• There are no special capital requirements. These are the usual requirements according to the Code of Commercial Companies, for example, for a limited liability company – PLN 5,000, for a joint-stock company – PLN 100,000, or according to special laws, for example, the Consumer Credit Act, if the SPI provides consumer credit – PLN 200,000 .

Payment services that SPI may provide

• maintenance of payment accounts (for example, storage of funds received from users, cash withdrawals)
• making transfers from an account, from cards, or other tools (for example, a mobile application)
• issue of payment instruments
• acquiring
• provision of money transfer services.

It is strictly forbidden to provide payment services related to open banking, namely: initiation of payment transactions, access to account information.

As for cryptocurrency, SPI can carry out cryptocurrency transactions, but there is an additional requirement that, in addition to obtaining a license, the entity must also register with the virtual currency registry.

Restrictions for SPI activities in Poland

• First, SPI cannot provide payment services outside of Poland.
• Secondly, the average monthly value of all transactions performed during the year should not be more than 1,500,000 euros (this includes transactions performed through agents).
• And there is another limitation that applies to a person who holds funds on payment accounts maintained by SPI. The amount of funds of such a person should not exceed 2,000 euros

Licensing process

The procedure is not complicated. First, an application is submitted according to a special form from the Polish Financial Supervisory Authority.

In the application, it is necessary to clearly choose which payment services will be provided by SPI, to indicate basic information about the applicant (name, registration address, KRS number).

It is also necessary to separately describe the flow of information and funds, provide a graphic diagram of the service. If the business entity plans to use agents during the provision of payment services, this must also be indicated in the application.

The application itself is submitted to the Polish Financial Supervisory Authority in person, through the electronic platform ePaup or by post.

Obtaining a license for SPI takes up to 3 months. This term may be extended if incomplete information is indicated in the application and it is necessary to correct it in the application, then 3 months begin from the date of making changes to the application.