A payment institution registered under the small-payment-institution route where the eligibility requirements are met.
Why the distinction matters
Do not treat “small” as a casual business-size description. The route has specific eligibility and activity conditions. The FCA applicant guidance should be used when assessing whether the route fits a business model.
In the working file
Illustrative example
A founder maps the actual payment service before choosing an application route; the company’s headcount does not decide the answer.
Use the term in context
Record the legal entity, activity, period and applicable source alongside the term. A familiar label does not remove the need to establish scope. Our operating playbook connects this definition to a practical process.
Read the related playbookSources & scope
Primary sources used for this research edition. Document dates and commencement dates are different fields. Recheck the issuing authority before acting.
- FCA: Payment institution applicantsApplication guidance · source reviewed 12 November 2026