Address: 45 Fitzroy Street, Fitzrovia, London, W1T 6EB

Telephone: 0207 164 6876  |  Email: info@regulatorycounsel.co.uk  |  International telephone: 442071646876

Copyright 2019 Compliance Counsel Limited

E-money Registration

Small Electronic Money Institution

Issue e-wallets and prepaid cards, as well as payment services such as cards and payment processing in the UK.

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

The small e-money licence registration enables you to provide e-money and payment services in the UK. It comes with less stringent requirements compared to the authorised or European-level e-money licence. For example, the initial capital of EUR 350,000 does not apply to the small e-money licence. However, you cannot issue more than EUR 5m in e-money per month.

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 

Small 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.

Benefits of a Small Electronic Money Institution or 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 licencing service coverage

​​

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 under a Small Electronic Money Institution licence

You cannot passport into other European countries with the small e-money licence.

Time frame to obtain the Small Electronic Money Institution or E-money licence

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

How we can help you obtain the Small Electronic Money Institution licence

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 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.