Payment Services Act for Businesses: What You Need to Know - PayPro

Payment Services Act for Businesses: What You Need to Know

Guide to your rights and obligations under the Payment Services Act

Last updated: May 8, 2026

This guide explains the Payment Services Act (2010:751) and its application to businesses in Sweden. With Finansinspektionen's (FI) recent investigation into bank account closures, knowledge of the legislation is more important than ever.

What is the Payment Services Act?

The Payment Services Act regulates the provision of payment services in Sweden. The law applies to both banks and other payment service providers and aims to ensure stable and secure payment infrastructure.

Basic Principles

Right to payment account: All individuals or entities established in Sweden have the right to open a payment account
Proportionality: Banks may only refuse accounts for valid reasons
Transparency: Banks must document reasons for account refusals
Appeal: Decisions on refusals can be appealed to FI

Business Rights

Right to Request a Payment Account

All Swedish businesses have the right to request a payment account from banks in Sweden. A bank cannot refuse without valid reasons.

When Can a Bank Refuse a Business?

A bank may refuse a business a payment account only if:

The business has acted intentionally or negligently in violation of law or authority decisions
The business's activities pose a risk for money laundering or terrorist financing
The bank cannot verify the customer's identity in a reliable manner
The bank has reason to believe the account will be used for illegal activities

FI's Investigation and Consequences

FI's Investigation

Finansinspektionen is now reviewing how the four major Swedish banks handle payment accounts. In 2024, 54,000 business accounts were refused or closed, representing a 17% increase compared to 2023.

FI's investigation focuses on:

Rule of law: How do banks assess the risk of illegal activity?
Automation consequences: Agencies have replaced experienced staff with automated systems that may be too strict
Source: Camilla Linder, Chairman of the Finance Union
Vulnerable groups: Businesses without traditional Swedish ID documents are particularly affected

What Your Business Should Do

Prepare for a Bank's Assessment

Document your purpose: Be clear about what type of business you operate
Be transparent: Disclose any risks in your business activities
Provide proof of legitimate business: F-tax registration, registration certificate, customer agreements
Be prepared to explain: How do you manage money laundering risks?

If Your Bank Refuses You

Your Rights in Case of Refusal

Request a written explanation: The bank must explain why the account is refused
Appeal to FI: Decisions can be appealed to Finansinspektionen
Try other banks: Attempt with other banks if one refuses

FI address: Brahegatan 5, 103 59 Stockholm

FI's New Guidelines

Finansinspektionen is currently working on new guidelines for banks on how to assess applications for payment accounts. The goal is to create better balance between security and access to payment services.

What the Guidelines Contain

More individual assessments instead of standardized refusals
Clear guidelines for handling businesses without traditional background
Recommendations on proportionality assessments

Practical Advice for Businesses

Preparation for Bank Meeting

Document your business plan: Show you have a well-thought-out business
Document customers and suppliers: Show your business relationships

Create a list of your most common transactions

Be transparent about risk management: How do you ensure you comply with laws?

Certificates and Documents to Have Ready

Basic Documents

Registration certificate for company name (at Bolagsverket)
F-tax form
Organization number and VAT registration
Board minutes or founding documents

Transaction-related Documents

List of typical incoming and outgoing payments
Contracts with most important customers and suppliers
Proof of business activity (invoices, quotations)

Timeline for FI's Work

2026 - FI's Ongoing Investigation

Q1 2026: Investigation began focusing on the four major banks
Q2 2026: Analysis of automated refusal processes
Autumn 2026: New guidelines for banks' assessments
2027: Monitoring of banks' implementation

Summary

With FI's investigation in mind, it's important for Swedish businesses to know their rights under the Payment Services Act. Banks may refuse payment accounts only for valid reasons, and businesses that have been refused have the right to appeal to Finansinspektionen.

To avoid problems: be transparent about your business activities, document your purpose, and be prepared to disclose your risk management. FI's new guidelines are expected in autumn 2026, which will make the process clearer for both banks and businesses.