The FCA registration process is cheaper and simpler. No ongoing capital requirements.
Small E-Money Institution
Similar to small PI, small EMI can apply for FCA registration.No initial capital requirements unless the business activities generate average outstanding E-Money of €500k or more.
Authorised E-Money Institution (EMI)
EMIs are authorised to issue e-money and undertake payment services under the EMRs, without being separately authorised under the PSRs 2017.
Agents can be appointed by a PI or EMI (the principal) to provide paymentservices on the principal’s behalf.
Small PI and small EMI are not allow to carry on account information service (AIS) or payment initiation service (PIS)