Today, it is not at all necessary to open your own bank in order to start providing online banking services: fast-moving progress of FinTech-industry has pushed Europe to new kinds of licenses. One of the sought-after permits for FinTech-companies in Europe is EMI. Combining these structures with White Label technology makes it possible to launch your own project many times faster, having received a completely finished product.
Our company offers comprehensive specialized services in field of establishment and licensing of business-projects. Our experts will advise you on any issues, in particular, payment and Forex licenses, cryptocurrency licenses and their add-ons, including crypto-debit card issuance and usage, the best jurisdictions for starting a gambling business or launching an online bank, and so more.
What are e-money institutions?
Permission obtained to get possibilities to work with electronic monetary means is similar to regular payment establishment. Main difference is that EMIs get the right to issue e-money.
Below we summarize the service range EMIs may offer:
- electronic currency issuance;
- account opening for clients;
- payment system management;
- provision of payment services/money transfers.
E-money institutions have the functionality of an online bank, allowing customers to carry out all types of operations, manage their assets and implement account opening remotely. This means more convenient and fast use for customers, because there is no need for personal presence, card usage and interaction with establishments or representatives.
How does a white label e-money institution operate?
White label is a type of partnership in which one company produces goods or services, and the other sells them under its own brand. White-label EMI receives back office and payment tools that are completely ready for launch and further use, thus being able to work immediately without the need to develop their own structures and mechanisms. In particular, such EMI also receives:
- APIs designed to be able to connect to BaaS-providers;
- ability not to engage in their own development of new software, that’s, not to create them from scratch or create new integrations.
A company that intends to obtain status and permission of EMI may be sublicensed by existing EMI institution. In the future, the new White Labeled EMI gets the opportunity to use a ready-made base that has passed to it from an existing establishment. Thus, overall cost of getting approval and establishing a firm is also lower.
How to get EMI-license in minimum 2 months
Initially, a firm that intends to start this kind of business, in particular, to obtain White Label license of EMI, receives status of an EMI agent. It’s sometimes also called an EMD. This status must be mandatory confirmed by the local regulator. EMD agent model means that you will be sub-licensed by existing EMI, as a registered Agent of EMI. Organization will be added to public payment service providers list by local regulatory authority. Timeframes for this procedure are about 6 months.
There’s another White Label model that is very fast in terms of licensing time. Operator model will allow FinTech-startups to offer services under their own brand but no regulatory approval is needed. Software is provided by EMI in accordance with regulator’s rules and norms, and can be customized according to your needs. It requires interaction with third-party providers. The new company will only need to take care of creating and debugging a sales channel, as well as developing and implementing its own marketing strategies to bring organization’s services to masses and find consumers. Total timeframes of the procedure are about 2 months and total cost of launching such a structure will be lower.
Our experts will provide you with comprehensive professional assistance in establishing White Label EMI. We will accompany you to the final results, taking care of all the most complex aspects and nuances. We will accurately calculate for you the price of launching such a structure, interacting with you only honestly and transparently.
This article was prepared by Denys Chernyshov, a lawyer, founder and CEO of the well-known company Eternity Law International, as well as the recently launched international medical project Eternity Life Clinics.