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Payment institutions and AISP

A payment institution (PI) is a legal entity which has its registered office in the territory of the Slovak Republic, and which is duly authorised to provide payment services. At least one of the payment services according to the authorization shall be provided in the Slovak Republic. In addition to payment services, it can also provide other business activities, but it cannot accept deposits.

A payment account information service provider (AISP) is a natural person with a place of business in the territory of the Slovak Republic who is registered in the trade register or a legal person with a registered office in the territory of the Slovak Republic who is registered in the commercial register. It shall provide only an account information service based on a decision on registration for the provision of such a payment service issued by NBS. Both PI and AISP are subject to stipulations and requirements according to the Payment Services Act and other legislation. Based on the notification received by NBS, they can operate throughout the EEA.

Payment service (§ 2 section 1 of the Act on payment services)Example
a) placement of cash on a payment account and all the operations required for operating a payment account,Depositing money in cash on a payment account in a branch or via ATM. A payment account can be defined as an account held on behalf of one or more users of payment services which are used for the execution of payment operations.
b) cash withdrawals from a payment account and all the operations required for operating a payment account,Cash withdrawal from a payment account in the branch or via an ATM.
c) the execution of payment transactions, including transfers of funds from or to a payment account held with the user’s payment service provider or with another payment service provider via credit transfer, payment card or another payment means, a direct debit.Depositing money, cash withdrawal or transfer of funds by the payer, on behalf of the payer or by the payee to the payment services provider in the form of a credit transfer, payment means or by direct debit including one-time direct debit.
d) the execution of payment transactions where the funds are covered by a credit line for a payment service user
1. in the form of an authorised overdraft on a payment account: by credit transfer; through a payment card or a similar payment instrument; by direct debit; or
2. in the form of a credit facility through a payment card or a similar device,		Those that are mentioned in the payment service c) but without overdraft or credit line.
e) the issuing of payment instruments or acquiring payment transactions,So-called merchant acquiring, acquiring, and processing of card transactions for internet merchants. Issuance of payment cards or other payment means such as internet banking, mobile application, etc.
f) money remittance,Transfer of funds without holding a current account.
g) payment initiation services,Entering a payment order via a third party from a payment account of a user of payment services held at another payment services provider.
h) account information services.Service enables a user of payment services to provide consolidated information about one or multiple payment accounts held at one or multiple payment services providers.

Payment services shall be provided only by the providers of payment services with respective authorization or registration and most often those entities which are enlisted in the table below, with selected requirements for their business.

Payment servicesIssuance of electronic moneyThe assumption for the start of an activityLegal formCapital
Bank✔✔Bank authorizationJoint-stock company16 600 000 EUR
Payment institution✔XAuthorization for the provision of payment servicesLegal person125 000 EUR
Provider of payment services to a limited extent✔XDecision on the registration for the provision of payment services § 2 sections 1 letter a) to f) Payment Services ActLegal person125 000 EUR
Account information service provider✔XDecision on the registration for the provision of payment services § 2 sections 1 letter h) Payment Services ActNatural person businessman/ Legal personNot requested
Electronic money institution✔✔Authorization for the issuance and administration of electronic money/Authorization for the provision of payment servicesLegal person350 000 EUR
Electronic money institutions to a limited extent✔✔Authorization for the issuance and administration of electronic money/Authorization for the provision of payment servicesLegal person350 000 EUR

A payment institution (PI) which is authorized by another institution from EEA is entitled to provide payment services also in the Slovak Republic. Within this European pass, the institution is entitled to provide payment services either via branch, an agent of PI from EEA or based on the free provision of services. Below are summarized forms according to which payment institution (PI) is entitled to act in the Slovak Republic:

Payment institution (PI)

Agent of PI from EEA

Provider of payment services to a limited extent

Free cross-border PI

Branch of PI from EEA

The term Branch means, for the Payment Services Act, an organisational unit of a payment institution or electronic money institution located in or outside the territory of the Slovak Republic. An Agent of PI is a natural or a legal person who acts on behalf of PI when providing payment services.