UK Electronic Money Institution (EMI) Software –
Patel recently received approval from the Financial Conduct Authority (FCA) in the UK for his Electronic Money Institution (EMI) license. EBANQ was providing the supporting documentation for his FCA application with regards to software license agreements, technical specifications, security baselines, disaster recovery and more. From a regulatory standpoint, EBANQ meets the requirements of the Financial Conduct Authority (FCA), FINMA and other Tier 1 regulators with features such as:
A. REP020 reports
B. Strong customer authentication
C. Open API that can connect with AISP and PISP providers
D. Reports for operational resilience requirements
E. DORA ready
F. SLAs effectively meeting the EBA’s guidelines
This makes EBANQ the perfect white-label software partner for EMI’s during the license application process and beyond.
Patel and his team are using mainly Clear Bank for their backend payment processing. Currently they offer only UK IBANs and UK based payments (Faster Payments). However, they plan to also offer EU IBANs, SEPA and SWIFT within a near future.