E-Money Payment Cards Affected by Wirecard Collapse


27 June 2020

On June 26 2020, Financial Conduct Authority of the United Kingdom (FCA) ordered Wirecard Card Solutions Ltd to cease all regulated activity after its parent company, Wirecard AG, filed for insolvency in Germany. E-money institutions using Wirecard Card Solutions services were affected by the FCA's decision and had to suspend customer cards transactions and make customer accounts temporarily inaccessible.

How to Open a Business E-Money Account

Revolut.business account

8 March 2020

E-Money Institutions (EMIs) specialized in alternative banking are becoming an ever-growing competitive force to traditional retail banks and even direct online banks, especially when considering business banking. While banks prefer to deal with domestic business customers, EMIs are more flexible: they serve international business customers with some restrictions applied on countries and industries.

How to Open a Personal E-Money Account

Satchelpay.personal account

29 February 2020

Personal current accounts offered by EMIs usually provide customers with the same facilities as traditional bank accounts while giving benefits of reduced costs and simplified opening procedure: such accounts are opened online, supporting documents are submitted online, authentication is also performed online. Account opening procedures vary in terms of required documents and identity verification.

Electronic Money Institutions in Europe

Outstanding amount of e money

2 July 2019

Electronic money is a relatively new payment instrument, emerged with the progress in technology. Electronic money's popularity has been driven by a number of factors including growing complications in opening current accounts and getting payment cards from traditional retail banks, changes in the population's social structure, and evolution of the Internet into a digital workplace.