Payment Institution licence in France — the ACPR application file
An Établissement de Paiement (EP) authorisation at ACPR covers PSD2 payment services without e-money issuance. The legal framework is the Code monétaire et financier (CMF), Articles L.522-1 and following, transposing PSD2 into French law. Capital is lower than for an EME, the file structure overlaps and the post-grant reporting catalogue is broadly the same. The differences are scope-related. This piece walks through what they are.
1. Who grants and who supervises
ACPR is the competent authority. AML supervision is shared with TRACFIN for the intelligence side. Where the EP offers AISP or PISP services that touch investment products, the AMF interfaces additionally.
2. Legal basis
- Directive (EU) 2015/2366 (PSD2) — the EU framework
- Code monétaire et financier, Articles L.522-1 to L.522-19 — French implementation
- Ordonnance n° 2017-1252 and Décret n° 2017-1313 — substantive transposition
- ACPR’s authorisation notices and dossiers-type for Établissements de Paiement
- EBA Guidelines on authorisation under PSD2 — directly applicable
3. The eight PSD2 services
Annex I of PSD2 lists the services an EP can be authorised to provide. In French CMF terms:
- Dépôt d’espèces sur un compte de paiement et toutes opérations qu’exige sa gestion
- Retrait d’espèces sur un compte de paiement et toutes opérations qu’exige sa gestion
- Exécution d’opérations de paiement (virements, prélèvements, paiements par carte)
- Exécution d’opérations de paiement couvertes par une ligne de crédit
- Émission d’instruments de paiement ou acquisition d’opérations de paiement
- Transmission de fonds (remittance)
- Services d’initiation de paiement (PIS)
- Services d’information sur les comptes (AIS)
The selection drives the capital floor, the safeguarding requirement and the AML perimeter.
4. Capital floors
PSD2 sets different capital thresholds depending on the services provided:
- €20,000 — for Service 6 (transmission de fonds) only
- €50,000 — for Service 7 (PIS)
- €125,000 — for Services 1–5
- None — for Service 8 (AIS) only — registration regime, not full authorisation
Ongoing own funds must be the higher of the floor and the result of one of three methods (A, B or C in PSD2 Article 9). The chosen method is documented in the dossier with worked examples.
5. AIS — registration, not authorisation
6. What goes in the dossier
Structure mirrors the EME dossier — see our EMI licence in France piece for the section-by-section walkthrough. PI-specific differences:
- Programme of operations anchored to the Services 1–8 selection
- Safeguarding under Article L.522-17 CMF — equivalent to EMD2 Article 7 but with PSD2 specifics
- PIS-specific documentation where Service 7 is offered: SCA exemption position, dedicated-interface compliance, PII coverage
- AIS-specific documentation where Service 8 is offered: access-to-account mechanism, customer-consent management
- French-language requirement applies the same way
7. PSD3 on the horizon
The PSD3 / PSR package reshapes this regime materially. The Commission’s proposal merges the EME and EP categories into a single Payment Institution licence with sub-categories. Existing PSD2 authorisations are expected to be grandfathered with transitional provisions. Projects scoped now should track the file.
8. Realistic timing
Statutory three-month review from a complete file under PSD2. End-to-end with pre-application engagement, drafting and feedback rounds runs six-to-nine months for a well-prepared applicant. Pre-application meetings with ACPR through the pôle Fintech-Innovation are strongly encouraged.
9. What switches on at grant
- SURFI — ACPR’s supervisory reporting framework
- TRACFIN AML reporting
- CESOP — once cross-border payment thresholds are met
- IPR statistical report — annual
- Conduct and complaints reporting to ACPR
- Passporting notifications to host states
10. FAQ
Should I apply for a PI or an EMI?
If the business model involves issuing electronic money (stored-value accounts in the customer’s name from which the customer can spend) — EME. If purely payment services (transfers, acquiring, card issuing, remittance, PIS, AIS) — EP. The choice is not reversible without re-licensing.
Can I combine EP services with investment services?
Yes, but additional AMF-side authorisation is needed for the investment-services component. The two licensing tracks run separately.
How does the REGAFI register work?
ACPR’s public register lists every authorised credit institution, EME, EP, AISP, and others under its perimeter. It is the canonical source for verifying licensing status of a counterparty in France.
Does an AISP need to issue French IBANs?
No. AIS providers do not hold customer funds and do not issue accounts. They aggregate account-information from other PSPs under PSD2 access rights.
What about CASP under MiCA — separate licence?
Yes. CASP authorisation under MiCA is a separate authorisation track from PSD2. Some firms hold both. See our CASP authorisation in France piece.
Can I sponsor smaller PIs as a banking partner?
Yes — the French market has a developed banking-as-a-service ecosystem where credit institutions sponsor settlement for EPs. The contractual allocation of AML obligations between the partner bank and the EP is a recurring ACPR inspection focus.
11. What to do, today
- Choose your PSD2 services 1–8 carefully — this drives capital, safeguarding and AML scope.
- Engage ACPR’s pôle Fintech-Innovation early.
- If you are AIS-only, plan against the lighter registration regime, not the full authorisation.
- Build the post-grant reporting infrastructure (SURFI, TRACFIN, CESOP, IPR) in parallel with the application.
- Watch the PSD3 / PSR file — it reshapes this regime materially.
Related: EMI licence in France · PI licence in Spain · PSD3 and the PSR tracker
