Glossary
Payment institution (PI)
An EU/EEA authorisation to execute payments (transfers, acquiring, remittance) without issuing e-money or taking deposits.
A payment institution moves money but does not hold stored value the way an EMI does. Acquirers, payout providers, remittance firms and open-banking payment initiators typically hold PI licences; AIS-only firms register as AISPs.
The EBA register lists 996 full PIs across the EEA. Like EMIs, PIs passport - and like EMIs, the licence tells you what the firm MAY do, not how good it is. Verification is the second step.