A payment institution’ means a legal person that has been granted authorization in accordance with Article 11 of PSD 2 to provide and execute payment services throughout the Union and which is not a credit institution. Payment services essentially comprise: Services enabling cash to be deposited into or withdrawn from a payment account and the transactions required to manage such an account; Execution of payment transactions associated with a payment account (card payments, credit transfers and direct debits); Transmission of funds; Issuance of means of payment and/or acquisition of payment orders. Payment initiation and account information services (Services provided by Budget insight). A payment institution is licensed by a national competent authority (in France: ACPR).