Small Payment Institution License, or Small PI License (SPI License), is an obligatory license for any Small PI to provide payment services. There is a set of mandatory requirements changing from country to country to be met by the Small PI.
For example, in the UK, Small PI License process is regulated by FCA and the primary requirements are as follows:
- Small PI must not provide account information or payment initiation services
- The monthly average of the yearly amount of transactions shall not exceed 3,000,000 Euros