Payment institution are required to comply with strict supervisory requirements. They requirements include requirements relating to own funds or risk management, the suitability of directors and reporting. These requirements are based on those that apply to credit institutions. This page contains relevant information about the granting of licences for payment institutions and payment initiation service providers as well as the registration of account information service providers.
Licences for Austrian payment institutions and payment initiation service provider are granted by the Financial Market Authority. The registration of account information service providers is also conducted by the Financial Market Authority (FMA). Applications for licences must contain certain details, which are listed in Section 1 of Chapter 2 of the Payment Services Act 2018 (ZaDiG 2018; Zahlungsdienstegesetz 2018). The Financial Market Authority shall also be entitled to revoke the licence subject to certain requirements being fulfilled (Article 11 ZaDiG 2018) or to determine the licence to have lapsed (Article 12 ZaDiG 2018).
Within the Financial Market Authority, the supervision of payment institutions, payment initiation service providers and account information service providers i.e. licencing or registration and ongoing supervision is located within the Banking Supervision department (in the division for the Supervision of Joint Stock Banks, Payment Institutions and Deposit Guarantee Schemes).