Payment institutions must comply with strict regulatory requirements
These relate to, for example, requirements for own funds or risk management, the managing Director qualifications and reporting.
These are modelled on the requirements of credit institutions. Here you will find information that is relevant to the award of a licence for payment institutions and payment initiation service providers and the registration of the account information service providers.
The concession for the Austrian payment institutions and payment initiation service provider is granted by the financial market Supervisory authority.
The registration of the account information service providers will also be made by the financial market Supervisory authority. The applications must contain certain Details that in the. The main piece of the ZaDiG. The financial market Supervisory authority also has the right to the concession under certain Requirements to withdraw (§ eleven ZaDiG) and the Proceeds (§ twelve ZaDiG). The financial market Supervisory authority offers the possibility of a Concession on the registration of the account information service providers. Within the financial market supervision, the supervision of payment institutions, payment initiation service providers and account information service providers, thus the granting of the concession or registration and ongoing supervision is located in the area of banking supervision ("supervision of banks, payment institutions and Deposit insurance).