Direct Access to Payment Systems for non-bank PSPs – a Practical Perspective on the Polish Market

By Aleksandra Walas, Head of the Fintech Department at Dudkowiak & Putyra, Attorney-at-Law, Certified Internal Auditor

The European payments landscape is undergoing one of the most profound infrastructural transformations since the implementation of PSD2. For non-bank payment service providers (“PSPs”), including payment institutions and electronic money institutions, the regulatory reforms introduced under the Instant Payment Regulation mark a decisive shift in market architecture and competitive dynamics.

As of April 2025, non-bank PSPs have been granted the right to obtain direct access to payment systems - a development long advocated by the FinTech sector and widely regarded as a milestone in the evolution of the European payments ecosystem.

A structural shift in market access

Until now, participation in payment and settlement systems has been effectively reserved for credit institutions. Non-bank PSPs were required to access clearing infrastructure indirectly through banks, resulting in a structural dependency that shaped both their operational resilience and commercial flexibility.

For years, this model has attracted criticism across the European market. PSPs remained exposed to several systemic constraints, including (i) operational dependence on sponsoring banks, (ii) heightened exposure to de-risking practices, (iii) limited autonomy in shaping payment infrastructure, (iv) restricted negotiating leverage vis-à-vis banking partners, and (v) elevated operational and intermediary costs.

Strategic implications for Fintechs

Direct participation in payment systems has the potential to fundamentally reshape the operating model of non-bank PSPs.

Most notably, the reforms are expected to:

• Enhance operational independence and innovation: the competitive advantage of FinTech firms has traditionally stemmed from their organisational agility, technological adaptability and accelerated decision-making processes. Direct access enables PSPs to exercise substantially greater control over their payment infrastructure, operational architecture and product development strategies, thereby fostering innovation and reducing reliance on third-party banking intermediaries,

• Reduce infrastructure and transaction costs by removing intermediary fees,

• Facilitate broader market expansion: direct access may also enable PSPs to diversify their service offerings and expand their customer base on the basis of independent strategic decisions rather than operational limitations imposed by banks.

The Polish market – current regulatory developments

Poland is emerging as one of the more closely observed jurisdictions in the implementation of the new access framework.

On 31 March 2026, the Polish Parliament adopted legislation amending various acts concerning the functioning of the financial market and the protection of market participants. The amendments initiated a broader process of operational and regulatory adaptation relating to direct PSP participation in payment systems.

Particular attention is focused on Elixir, the principal retail clearing system operated by KIR S.A., which is expected to become the primary infrastructure platform for non-bank PSP participation.

Nevertheless, despite the legislative changes already having entered into force, practical implementation remains contingent upon further operational and regulatory approvals, including amendments to the operational framework of KIR S.A. requiring approval by the National Bank of Poland.

Key operational requirements for PSPs

PSPs intending to operate under the direct access model should already be undertaking extensive preparatory measures aimed at ensuring operational readiness and regulatory compliance. In practice, this will typically require:

1. Opening both a current account and a dedicated settlement account within the Sorbnet3 system operated by the National Bank of Poland,

2. In the case of foreign PSPs, establishing and registering a Polish branch with the National Court Register,

3. Reviewing and adapting internal governance frameworks, operational procedures and compliance policies,

4. Obtaining a BIC/SWIFT identifier,

5. Securing a national clearing number,

6. Completing the necessary technical integration processes with the relevant payment system operator, including cybersecurity and security certification testing.

Regulatory access versus operational readiness

While the liberalisation of payment system access undoubtedly represents a major advancement for the Fintech sector, the practical realities of participation should not be underestimated. Direct connection to payment infrastructure requires PSPs to demonstrate a significantly higher degree of technological sophistication, operational resilience, cybersecurity preparedness, internal governance maturity, and risk management capability.

Looking ahead

The coming years will determine whether the European Union succeeds in establishing a genuinely level playing field for access to payment infrastructure, or whether incumbent banks will continue to retain a structural advantage through operational, liquidity and risk-management requirements.

What remains beyond doubt, however, is that the European payments market has entered a new phase of development. The opening of payment systems to non-bank PSPs constitutes a structural transformation with the potential to redefine the competitive landscape of European financial services for the next decade.