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Small Payments Institutions Re-Registration

Small Payment Institutions re-registration deadline is 12th October 2018. SPIs are required to assess and update their procedures to ensure they are in-line with the new Payment Service Regulations 2017 (PSR17).

After the success of the API’s that have been re-authorisation with the assistance of Thistle, our attention has turned to how we can replicate that service with a method that is appropriate for firms due to apply for SPI re-registration.

How can Thistle help?

Why exhaust precious resources within your firm by taking on the task of the re-registration application when Thistle can provide a cost-efficient package that has been designed specifically to meet the needs of the Small Payments Institutions re-registration application.

In order to submit your application to be re-registered, you will need to have in place supporting documents that may include IT Security Policies, IT Risk Assessments, Complaints Policy and be able to demonstrate a full understanding of the requirements for sensitive payment data and reporting standards.

Thistle has formulated a step by step strategy for each of the sections within the SPI re-registration application, creating a “self-help guide” on what to include and specifically what the FCA expect from each question. To further assist the firm, an IT Security Policy template has been designed to help you demonstrate your relevant risks and controls.

Additional Services

Anti-Money Laundering Policies and Procedures

As part of the SPI re-registration, it is a requirement that the SPI can display their Anti- Money Laundering (AML) Policies and Procedures are compliant with the 4th Money Laundering Directive (4MLD). Thistle can provide the required templates that will incorporate and update the SPI’s current procedures and identify any gaps in controls.

PSD2 Terms and Conditions (Prior General Information for Framework Contracts)

The Payment Services Regulations 2017 (PSR) have outlined what should be included in a payment service provider’s terms and conditions (T&C’s). Like most T&C’s, interpreting what is quintessential to be included can be overwhelming. Thistle has created a consideration guide that allows the SPI firm to understand its requirements and what must be communicated to their customers.

The deadline has been set, by the 12th October 2018, Small Payments Institutions need to have submitted their application for the SPI re-registration process to begin.

Get ahead of the curve and start your application today!

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