A ‘payment institution’ as defined by the relevant directive is a legal person that has been authorised to provide and execute payment services throughout the EU.
The payment services that can be offered with such an authorisation are the following.
1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
3. Execution of payment transactions, including transfers of funds on a payment account with the user's payment-service provider or with another
payment-service provider, including:
4. Execution of payment transactions where the funds are covered by a credit line for a payment service user, including:
5. Issuing and/or acquiring payment instruments.
6. Money remittance.
7. Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment-service user and the supplier of the goods and services.