betaltjänstinstitut

Betaltjänstinstitut, or betalningstjänstinstitut, is a non-bank financial institution authorized to provide payment services within the European Economic Area. In Sweden, such institutions operate under the framework of the EU’s Payment Services Directive (PSD2) and the Swedish Payment Services Act, and are supervised by Finansinspektionen (FI). They complement banks and other credit institutions by handling various payment activities.

A betaltjänstinstitut can offer several types of services, including payment initiation services (PIS), which allow a customer to initiate a payment from a bank account online; account information services (AIS), which provide access to account data; and other payment-related services such as card-based payments or money transfers. Some institutions may also issue electronic money, depending on licensing and national rules.

Regulatory requirements focus on licensing, governance, risk management, capital adequacy, safeguarding of customer funds, and internal controls. Institutions must comply with anti-money laundering and counter-terrorist financing obligations, and they are expected to implement strong customer authentication for online payments in line with PSD2. Open banking provisions enable authorized access to payment accounts for third-party providers under strict security conditions.

In practice, betaltjänstinstitut are regulated to ensure consumer protection, financial stability, and data security, while enabling competition and innovation in payments. They are distinct from banks in that they provide payment services without offering traditional credit or deposit-taking activities unless specifically licensed as a bank or e-money issuer.