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

17 July 2020

Growing popularity of alternative banking offered by electronic money institutions (EMIs) attracts investors into this market niche. Although setting up an own EMI is much less complicated than establishing an own bank, the regulatory requirements are still rather complicated (for example, capital requirement of min. 350,000 EUR) and time-to-market is quite long. White-label solutions together with Banking as a Service (BaaS) platforms offered by existing EMIs help solving the problems listed above as well as 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.

While offering BaaS and white-label solutions, EMIs provide a broad range of cooperative options from reseller agreements to assisting in obtaining banking or EMI license. These options differ in time-to-market, price, and distributing functionality and responsibilities between the providing EMI and the company ordering the solition. Several white-label solutions offered by European EMIs are considered in details below.

Satchelpay UAB


 (3.7)

Satchelpay UAB is an electronic money institution focused on facilitating global payment transactions. Satchelpay UAB offers virtual personal IBAN accounts, virtual business IBAN accounts, merchant accounts with IBAN, physical prepaid cards, virtual prepaid cards to private individuals, international businesses, financial institutions. In 2019 Satchelpay UAB had total customer funds to be safeguarded of 2.42 mln EUR, Satchelpay UAB generated gross profit of 633,000.00 EUR. Incorporated in Lithuania, Satchelpay UAB is authorized and regulated by the Bank of Lithuania.

White-Label Options
White-Label Banking
White-Label Cards
Customization
Company Logo
Card Design
Online Banking Design
Pricing Plans
Cooperation Options
Reseller Agreement
Agent License
Separate License

Banking as a Service Features

Front office
Back office
Customer support
Open Banking API
KYC/AML modules
SWIFT payments
SEPA payments
Card issuing
Multi-currency accounts
Accounts with or without IBAN
Lithuanian IBAN

Account Currencies

Accounts offered by SatchelPay as a part of BaaS are multi-currency accounts, allowing account holders to keep their funds in EUR, GBP, CHF, CNY, JPY, AED, TRY, ILS, PLN, HUF, DKK, SEK, NOK, RON, HRK, CZK, AUD, NZD, CAD, MXN, HKD, SGD, RUB, ZAR, SAR.

Issued Cards

physical
virtual
contactless

Card Providers

Customer Groups

BaaS platform provided by SatchelPay allows to serve both private and corporate customers worldwide.

Supported Platforms

Web Interface
Mobile Applications (iOS, Android)

Cooperation Options

Reseller Agreement. A private reseller agreement is signed between SatchelPay and the company.

Agent License. A private reseller agreement is signed between SatchelPay and the company. SatchelPay assists the company in obtaining Electronic money institution intermediary license from the Bank of Lithuania.

Separate License. SatchelPay assists the company in obtaining Banking/EMI license from the Bank of Lithuania.

Reseller Agreement Agent License Separate License
Sales and Marketing Own Company Own Company Own Company
BaaS Platform SatchelPay SatchelPay SatchelPay
Card Issuer SatchelPay SatchelPay Own Company
Account Provider SatchelPay SatchelPay Own Company
Delivery Time 1 month 5-6 months 2-3 years

DynaPay Ltd


DynaPay Ltd is an electronic money institution focused on providing banking alternative for online-oriented businesses and PSP solution for low and medium risk merchants. DynaPay is a part of DYNINNO Group that provide in-house IT solutions, lead generation and sales to brands operating in more than 50 markets worldwide. DynaPay Ltd offers payment accounts with IBAN for businesses and individuals, card acquiring, payment processing, white-label solutions, merchant accounts. In 2018 DynaPay Ltd had total assets of 2,144.00 GBP, DynaPay Ltd generated net income of -48,534.00 GBP. Incorporated in the United Kingdom, DynaPay Ltd is authorized and regulated by the Financial Conduct Authority.

White-Label Options
White-Label Banking
White-Label Cards
Customization
Company Logo
Online Banking Design
Cooperation Options
Reseller Agreement

Banking as a Service Features

Due-diligence platform
Open Banking API
SWIFT payments
SEPA payments
Faster payments
Accounts with IBAN
UK IBAN

Account Currencies

Accounts offered by DynaPay as a part of BaaS are single-currency accounts, allowing account holders to keep their funds in EUR only.

Supported Platforms

Web Interface
Mobile Applications

Cooperation Options

Reseller Agreement. A private reseller agreement is signed between DynaPay and the company.

Decta Ltd


 (4.3)

Decta Ltd is an electronic money institution focused on providing a flexible payment processing platform. Decta Ltd offers accepting card payments with merchant account, merchant acquiring, service for credit card and payment processing, white-label card issuing and processing services to organizations. In 2019 Decta Ltd had total assets of 6.74 mln GBP, Decta Ltd generated net income of 8.74 mln GBP. Incorporated in the United Kingdom, Decta Ltd is authorized and regulated by the Financial Conduct Authority.

White-Label Options
White-Label Banking
White-Label Cards
Customization
Company Logo
Card Design
Cooperation Options
Reseller Agreement

Issued Cards

physical
virtual
reloadable
non-reloadable

Card Providers

Customer Groups

Decta Smart service is available for private individuals and companies from the European Economic Area.

Cooperation Options

Reseller Agreement. A private reseller agreement is signed between Decta and the company.

Transact Europe EAD


Transact Europe EAD is an electronic money institution focused on payment processing solutions. Transact Europe EAD offers payment platforms, payment acquiring, payment processing, prepaid cards to merchants (European-based). Incorporated in Bulgaria, Transact Europe EAD is authorized and regulated by the Bulgarian National Bank.

White-Label Options
White-Label Banking
White-Label Cards
Customization
Company Logo
Card Design

Issued Cards

physical

Card Providers

Contis Financial Services Ltd


 (2.1)

Contis Financial Services Ltd is an electronic money institution focused on end-to-end banking and payments solutions. Contis Financial Services Ltd offers white-label card issuing, end-to-end accounts, current accounts, debit cards. In 2019 Contis Financial Services Ltd had total assets of 72.36 mln GBP, Contis Financial Services Ltd generated net income of 5.67 mln GBP. Incorporated in the United Kingdom, Contis Financial Services Ltd is authorized and regulated by the Financial Conduct Authority.

White-Label Options
White-Label Banking
White-Label Cards
Customization
Company Logo
Card Design
Online Banking Design
Cooperation Options
Reseller Agreement
Agent License

Banking as a Service Features

International payments
Peer to peer payments
Automated KYC

Issued Cards

prepaid
debit
virtual

Card Providers

Supported Platforms

Online banking
Mobile application

Cooperation Options

Reseller Agreement. A private reseller agreement is signed between Contis Financial Services and the company.

Agent License. A private reseller agreement is signed between Contis Financial Services and the company. Contis Financial Services assists the company in obtaining EMD Agent License from the Financial Conduct Authority.

Digital Capital Ltd


Digital Capital Ltd is an electronic money institution focused on providing payment solutions. Digital Capital Ltd offers white-label payment solutions, prepaid cards, debit cards, e-wallets, SWIFT and SEPA transfers to businesses. In 2019 Digital Capital Ltd had total assets of 1.25 mln GBP. Incorporated in the United Kingdom, Digital Capital Ltd is authorized and regulated by the Financial Conduct Authority.

White-Label Options
White-Label Banking
White-Label Cards
Customization
Company Logo
Card Design
Online Banking Design
Cooperation Options
Reseller Agreement

Banking as a Service Features

SWIFT payments
SEPA payments
Faster payments

Cooperation Options

Reseller Agreement. A private reseller agreement is signed between Digital Capital and the company.

GlobalNetint UAB


GlobalNetint UAB is an electronic money institution focused on providing banking solutions. GlobalNetint UAB offers virtual personal IBAN accounts in EUR, virtual business IBAN accounts in multiple currencies, SEPA transfers, SWIFT transfers, debit cards, credit card processing, white-label solutions to individuals, businesses. In 2019 GlobalNetint UAB had total customer funds to be safeguarded of 15.91 mln EUR, GlobalNetint UAB generated gross profit of 2.03 mln EUR. Incorporated in Lithuania, GlobalNetint UAB is authorized and regulated by the Bank of Lithuania.

White-Label Options
White-Label Banking
White-Label Cards
Cooperation Options
Agent License

Banking as a Service Features

SWIFT payments
SEPA payments
EUR IBAN accounts
API management

Issued Cards

prepaid

Card Providers

Cooperation Options

Agent License. A private reseller agreement is signed between GlobalNetint and the company. GlobalNetint assists the company in obtaining Electronic money institution intermediary license from the Bank of Lithuania.

See Also