After months of work across their business, the team at BVNK is pleased to share that our EMI license in Europe is live and operational.
Over the past year, BVNK have successfully acquired and “operationalized System Pay Services (Malta) Limited, our EU EMI entity in Malta, and taken live our UK EMI. Because of this, we can now offer enhanced B2B payment services for EUR and GBP, work more efficiently and better support our customers.”
The B2B payments industry is “worth around $113 trillion and is predicted to reach $137 trillion by 2027.”
Businesses are growing across borders, and they “need the ability to pay and be paid globally too.”
With their modern payments platform, BVNK unifies banks and blockchains “so businesses can send and receive payments in any currency, digital or fiat.”
Now, as a fully licensed electronic money institution in “both Europe and the UK , they can provide named vIBANs in EUR and GBP, and enable fast access to UK and Europe’s payment schemes (SEPA, SEPA Instant, CHAPS, and Faster Payments), so our merchants can easily pay, and receive payments from, suppliers and partners.”
While they’ve previously worked “with trusted partners to deliver these services, as an EMI we can do so directly.”
For their customers, this comes “with important benefits. It means they can simplify the way they bring onboard businesses, and resolve payment queries faster.”
It also means they’re better placed to cater “for a wider range of customer needs, such as higher value transactions.”
Going forward, they can also innovate “at a greater pace – for example, adding new currencies or payment schemes quickly, as needed by their merchants.”
As an EMI, BVNK ensures “that 100% of client e-money funds are segregated and safeguarded, in line with regulatory requirements.”
You may learn more about BVNK virtual accounts for EUR and GBP.
As explained in the update, an EMI, or “an electronic money institution, is a type of financial institution that facilitates e-money transactions.”
As an EMI, BVNK provides services “related to e-money transactions, including multi-currency vIBAN accounts in EUR and GBP that allows merchants to send, and receive payments via the most popular payment schemes in Europe.”
You can access it through BVNK’s multi-currency payments platform or API.
The EMI Accounts are “offered by the BVNK Group entities, System Pay Services Limited, authorized and regulated by the Financial Conduct Authority as an Electronic Money Institution and System Pay Services (Malta) Limited, authorized and regulated by the Malta Financial Services Authority.”
