Top 50 EMIs in the United Kingdom 2018

City of London 20 August 2020

The United Kingdom hosts around half of all electronic money institutions (EMis) registered in the European Economic Area, which provide a broad varieties of solutions to individuals, companies and merchants. Aggregated total assets of British EMIs in 2018 were around 11 bln GBP, 77 EMIs reported increase in total assets which is together with the increased number of EMIs indicates growth in this sector.

E-Money Institutions in The Fintech Ecosystem of Lithuania

K29 Vilnius 16 August 2020

Lithuania is a dynamic European innovation and fintech hub, having all necessary conditions for its fintech ecosystem to grow and develop, namely support from the government, favorable taxation system, progressive regulatory rules, multi-disciplinary talent pool, innovative infrastructure. Electronic money institutions (EMIs) play an important role in the fintech ecosystem of Lithuania: out of more than 200 fintech companies registered in the country, over 60 are electronic money institutions.

SEPA Payments Explained

SEPA 6 August 2020

Single Euro Payments Area (SEPA) is an initiative of the European Union aimed to ensure that customers can make cashless Euro payments to anywhere within SEPA area in a fast, safe and efficient way, just like national payments. SEPA plays fundamental role in improving efficiency of cross-border payments and integrating fragmented national markets for Euro payments into a single one.

Bridging Payments Gap Between Europe and China

China 30 July 2020

China is not only the second-largest and fast-growing economy, but also an important trading partner of the European Union. While major Chinese banks have opened their branches in the European countries, focusing on providing international trade finance services to corporations involved in trading with China, payment needs of over 2,3 million people of Chinese origin living in Europe and Chinese SMEs are mainly addressed by electronic money institutions (EMIs).

How to Build Your Own FinTech with E-Money White-Label Solutions

White label emi 17 July 2020

White-label solutions together with Banking as a Service (BaaS) platforms offered by existing EMIs help avoiding costs incurred by developing a proprietary banking platform, setting up an IT infrastructure, establishing connections with correspondent banks, becoming a member of payment systems and card schemes. Such EMIs provide a broad range of cooperative options from reseller agreements to assisting in obtaining a banking or an EMI license.

E-Money Payment Cards Affected by Wirecard Collapse

Wirecard 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.