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. Due to its business model, EMIs offer completely online account opening: initial application forms are filled online, supporting documents are submitted online, authentication is also performed online. Moreover, while banks prefer to deal with domestic business customers, EMIs are more flexible: they serve international business customers. However, restrictions for some countries and industries exist and vary between EMIs. Several business accounts offered by leading European EMIs are considered in details below.
Electronic Money Institution
E-money and Payment Institution license in the UK - Advapay
Electronic money e-money is a payment instrument which can be considered as a digital form of cash. Electronic money means a monetary value stored electronically, issued on receipt of funds for the purpose of making payment transactions, and accepted by a natural or legal person other than the electronic money issuer. Strickly speaking, an electronic money institution EMI is an undertaking that has been authorised to issue e-money. There are currently electronic money institutions EMIs operating in Europe. EMIs offer a wide range of products, services and solutions in payment processing and alternative banking, ranging from merchant accounts and cross-border money transfers to elite payment cards and private banking approach to corporate clients.
Micro Money Lending Firm Business Plan Sample Template
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KoenigFinance is a multipurpose platform perfectly suited for e-money issuers and covering wide functionality from transaction processing to a website framework containing customer account interface. A viable payment method compatible with any website; neat user interfaces. Initial vetting can be done by screening public blacklists to avoid customers who are subject to sanctions or were involved in fraudulent activities. The client profile is carefully thought through and contains forms for politically exposed persons PEP , extensive financial questionnaires that include data required by FATCA and CRS, company information section for providing details on the structure of shareholders, the beneficial owner, etc.