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E-money Licence 

Authorised Electronic Money Institution

Issue e-wallets and prepaid cards, as well as payment services such as cards and payment processing across Europe.

Introduction

Electronic or e-money is the digital equivalent of cash. It enables users to make cashless payments, where money can be stores over a card, over the internet or on a mobile device such as a mobile phone.

 

Formally known as the Electronic Money Institution or EMI licence, with an e-money licence you can provide e-money. Examples of e-money include:

  • Providing prepaid cards

  • Providing e-wallets

 

With the E-money licence you are able to provide services across the following countries:

Austria, Belgium, Bulgaria, Croatia, Cyprus (Republic of), Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

Contact Us

Contact us to discuss about the payment and e-money services your business wishes to provide. Please complete and submit the form below or alternatively call us on 0207 164  6876 or email us at info@regulatorycounsel.co.uk 

Electronic Money Institution - E-money

If you intend to offer your customers the ability to store money electronically or magnetically, like an e-wallet, and enable them to use this e-wallet to pay for goods or services, your firm will be then be required to obtain a licence from the financial regulator.

Examples of e-money include prepaid cards that can be used to pay for goods at a range of retailers, or virtual (digital) purses that can be used to pay for goods or services online.

 

As a company, if you are planning to offer stored value, e.g. storing or issuing electronic money in a digital wallet, then you will require an e-money or more formally referred to as an electronic money institution licence.

Electronic Money Institution: benefits of an E-money licence

The major advantage of an e-money licence is that you can add payment services under the same licence without also having to apply for an additional licence for the payment services. For examples, with an e-money licence, you could issue e-money such as e-wallets but also the below payment services, such as providing debit cards and payment processing.

Additional services you can offer with an E-money (EMI) licence:

  • Providing debit cards to users with the ability to withdraw and deposit cash on the account.

  • Providing a money transfer service, such as TransferWise and Western Union

  • Providing payment processing services, for examples, enabling retailers to accept card payments from their customers

  • Account initiation service – providing a service where a user can view all their banking accounts in one place

  • Payment initiation service – providing a service where users can make account to account payments (outside the scope of card schemes, such as Visa/Mastercard)

Our Electronic Money Institution licencing service coverage

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Our e-money licencing service covers Europe. Accordingly, we can help you obtain an e-money licence in countries including, Austria, Belgium, Bulgaria, Croatia, Cyprus (Republic of), Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom. As part of our service, we can advise you on the best jurisdiction in which to establish and obtain your e-money licence.

Passporting with the Electronic Money Institution licence

Obtaining an e-money in one European country, for example, Lithuania, enables you to provide the regulated services across Europe with the same licence rather than having to apply for multiple country-specific licences. This is achieved through something known as 'passporting'. Passporting is the exercise of the right for a firm registered in the European Economic Area (EEA) to conduct its business in any other EEA (European Economic Area) state without requiring further licences in each country.

Which countries form part of the EEA?

The following countries form part of the EEA:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.

Time frame to obtain the e-money or Electronic Money Institution licence​

Following the submission of an application, it takes 3-5 months on average to obtain the e-money licence.

How We Can Help

We specialise and focus in payments and e-money. We can help you to obtain your payment or e-money licence, be compliant by helping you with your compliance obligations, and provide support and advice where required. As part of our licencing (authorisation) service, we spend time understanding your plans and ambitions and advise you on the best possible route and strategy.  

In additional to the licence authorisation service, we can assist you with additional services, such as, company formation, ongoing advisory and consulting, accounting, legal, Visa/Mastercard principal membership and operational setup. We offer an end-to-end service, taking responsibility for the entire project, including project planning and preparing all the required documents, such as your regulatory business plan, AML policy and financial statements.

 

Our licencing service includes the following:

  • Guiding you throughout the application preparation stage

  • Managing the entire application from planning to obtaining the licence

  • Preparing, completing and submitting the application form

  • Submitting the individual directorship and shareholding forms

  • Preparing, completing and submitting compliance documents such as the business plan, financial statements, AML procedure, monitoring programme, compliance and risk management.

  • Submitting your application to the financial regulator

  • Assisting you with any correspondence/further questions from the financial regulator after submitting your application until your licence has been granted.

Next Steps

The next step involves us arranging a telephone call or a meeting to discuss your business ambitions and plan. Once we understand the payment and e-money services you wish to provide we can then discuss the best country for your licence and setup. We will also discuss any business and regulatory requirements that you will be required to meet and help guide you through these. Once we have finalised the above we can then proceed with your application. Remember, our service is expert-led and so you will be working with and communicating with a director at all times. 

Contact us to discuss about the payment and e-money services your business wishes to provide. Please complete and submit the form below or alternatively call us on 0207 164  6876 or email us at info@regulatorycounsel.co.uk.