PI licence in Italy — Istituto di Pagamento at Banca d’Italia
An Istituto di Pagamento (IP) authorisation at Banca d’Italia covers PSD2 payment services without e-money issuance. The legal framework is Decreto Legislativo 11/2010, supplemented by Banca d’Italia’s Disposizioni di vigilanza. Capital is lower than for an IMEL, the dossier structure overlaps and the post-grant reporting catalogue is broadly the same. The differences are scope-related. This piece walks through them.
1. Who grants and who supervises
Banca d’Italia is the competent authority. AML supervision is shared with UIF for intelligence. Where the IP offers AISP or PISP services that touch investment products, CONSOB interfaces additionally.
2. Legal basis
- Directive (EU) 2015/2366 (PSD2)
- Decreto Legislativo n. 11 del 27 gennaio 2010 — Italian implementation
- Testo Unico Bancario, Articles 114-quinquies and following
- Banca d’Italia Disposizioni di vigilanza per gli Istituti di Pagamento
- EBA Guidelines on authorisation under PSD2 — directly applicable
3. The eight PSD2 services in Italian law
- Deposito di contante su un conto di pagamento e operazioni di gestione
- Prelievo di contante da un conto di pagamento e operazioni di gestione
- Esecuzione di operazioni di pagamento (bonifici, addebiti diretti, pagamenti con carta)
- Esecuzione di operazioni di pagamento coperte da linea di credito
- Emissione di strumenti di pagamento o acquisizione di operazioni di pagamento
- Rimessa di denaro
- Servizi di disposizione di ordini di pagamento (PIS)
- Servizi di informazione sui conti (AIS)
4. Capital floors
- €20,000 — Service 6 only (rimessa di denaro)
- €50,000 — Service 7 (PIS)
- €125,000 — Services 1–5
- None — Service 8 only (AIS, registration regime)
Ongoing own funds must be the higher of the floor and the result of Method A, B or C in PSD2 Article 9. Banca d’Italia scrutinises the chosen method.
5. AIS — registration regime
6. What goes in the dossier
Mirrors the IMEL dossier — see the IMEL piece for the section walkthrough. IP-specific differences:
- Programma di attività anchored to the Services 1–8 selection
- Safeguarding under D.Lgs 11/2010 — equivalent to EMD2 Article 7 but PSD2-specific
- PIS-specific documentation where Service 7 is offered — SCA exemption position, dedicated-interface compliance, professional indemnity insurance
- AIS-specific documentation where Service 8 is offered — access-to-account mechanism, customer-consent management
- Italian-language requirement applies
7. The OAM-agent intersection
IPs operating through agents in Italy must coordinate with the Organismo degli Agenti e dei Mediatori (OAM) register — see our OAM piece. Agents must be registered with OAM independently; the IP supervises them under D.Lgs 11/2010 and Banca d’Italia rules.
8. Realistic timing
Statutory six-month review from a complete dossier. End-to-end with pre-application engagement and feedback rounds: nine-to-twelve months for a first-time applicant.
9. What switches on at grant
- Banca d’Italia Segnalazioni
- UIF AML reporting + AUA daily archive
- CESOP reporting where applicable
- IPR statistical report
- Conduct reporting through the ABF framework
- Passporting notifications to host states
10. FAQ
Should I apply for an IP or an IMEL?
If the business model involves issuing electronic money (stored-value accounts) — IMEL. If purely payment services — IP. The choice is not reversible without re-licensing.
Can an IP issue Italian IBANs?
Yes, where the licence covers Service 1 (account servicing) or Service 5 (acquiring/issuing of payment instruments). See our Italian IBANs piece.
How does the AIS lite regime work?
Service 8 only. Registration (not full authorisation) with Banca d’Italia. Lighter capital requirements; conduct, ICT and AML obligations remain.
Do IPs need to register agents with OAM?
Where the IP operates through agents in Italy, yes. The OAM register is separate from the IP authorisation.
What changes under PSD3 / PSR?
The proposed merger of EMI / PI categories will reshape this regime. Existing IP authorisations are expected to be grandfathered with transitional provisions. Track the PSD3 / PSR file.
Can I sponsor smaller IPs as a banking partner?
Yes — the Italian market has banking-as-a-service relationships. The contractual allocation of AML obligations is a recurring Banca d’Italia inspection focus.
11. What to do, today
- Choose your PSD2 services carefully — drives capital, safeguarding, AML scope.
- Engage Banca d’Italia early; pre-application meetings are routine.
- If you are AIS-only, plan against the lighter registration regime.
- Coordinate with OAM if you use agents.
- Plan post-grant reporting alongside the application.
Related: IMEL licence in Italy · OAM register · PSD3 tracker
