A small payment institution means a legal person established in the Republic of Croatia, which has been issued a decision by the Croatian National Bank on the entry of a small payment institution in the register of payment service providers and electronic money issuers and which may provide one or several payment services referred to in Article 4, items (3) to (6) of the Payment System Act.
Small payment institutions may provide payment services exclusively in the territory of the Republic of Croatia.
Legal persons established in the Republic of Croatia intending to provide payment services as small payment institutions have to submit an application to the Croatian National Bank for entry in the register in accordance with Article 123 of the Payment System Act, supported by all the required documentation and information prescribed by the mentioned Act.
The application for entry in the register of payment service providers and electronic money issuers should also be supported by a report on the total value of all payment transactions executed in the last 12 months or, where the applicant has not yet commenced operating or has operated for less than 12 months, a projection of the total amount of payment transactions in the following 12 months. The average total monthly value of payment transactions executed by a small payment institution in the last 12 months, including the payment transactions executed through its agents, may not exceed HRK 7,500,000.00.
The prescribed documentation and information that have to be submitted to the Croatian National Bank for the purpose of entry in the register of payment service providers and electronic money issuers are specified in Guidelines on the information to be provided for the authorisation of payment institutions and e-money institutions and for the registration of account information service providers under Article 5, paragraph (5) of Directive (EU) 2015/2366.
In addition to the application and the prescribed documentation, the applicant should also submit a completed and signed Obrazac za prikupljanje i obradu osobnih podataka.
Based on the submitted application for entry in the register of payment service providers and electronic money issuers and the submitted documentation, the Croatian National Bank will decide on the application in an administrative procedure and adopt a decision on the entry in the register, if all the conditions prescribed by Article 122 Payment System Act have been met. A legal person may provide payment services only after these payment services have been entered as business activities in the register of companies.