Electronic Money Institution

An Electronic Money Institution (EMI) is a type of financial institution that has been authorised to provide payment services, issue e-money and make payments related to e-money in accordance with the E-Money Directive (Directive 2009/110/EC) and European Communities Electronic Money Regulations 2011.

Licensing and regulations

Electronic Money Institution can be licensed in any country member of the European Union but can act and provide services in all EU & EEA countries. Only legal entities are entitled to apply for an electronic money institution license. The legal basis for e-money issuance in the European Union are covered by the Directive 2009/110/EC of the European Parliament and Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions establishes.

Electronic Money Institutions can fulfill a wide range of payment services like issuing IBAN accounts, payment cards, e-wallets and other payment instruments requiring the storage of client's funds. The funds received by EMIs are not protected under the Financial Services Compensation Scheme (FSCS) but EMIs are required to safeguard them either via segregation in dedicated accounts or by covering them with insurance.

See also

• Electronic Money Association
• Payment Services Directive

External links

• Register of payment and electronic money institutions under PSD2

References

This article "Electronic Money Institution" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Electronic Money Institution. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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