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Paynetics has received its Electronic Money Institution (EMI) licence from the UK's Financial Conduct Authority (FCA)
Paynetics has received its Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA). The provider of embedded finance and digital banking solutions now holds EMI licences in Europe and the UK.
This allows its business partners and customers to build programmes that can be deployed throughout Europe and the UK. Since the UK voted to leave the EU, Paynetics, which is headquartered in Bulgaria, has been operating under the FCA’s Temporary Permission Regime (TPR). The TPR scheme is due to end in December 2023, so the grant of the EMI licence allows Paynetics to transfer its UK-based customers onto its UK EMI licence.
Paynetics is a regulated e-money institution that provides end-to-end payment services across the UK, European Union and globally. They are principal members of Mastercard, VISA, UnionPay International, SWIFT and SEPA and can offer both IBANs and UK Sort Codes. Paynetics meets the payment needs of both B2B and B2B2C customers safely in one place, including card acceptance and issuance, across mobile and ewallet, online, digital and physical cards, and POS channels.
Paynetics partnerships Late in December 2020 Paynetics announced a partnership with UnionPay International to issue cards within the European Economic Area (EEA). The partnership helps Paynetics to extend its reach across Europe for both B2B and B2B2C customers. Since then, UnionPay allows Paynetics to expand its suite of payment services to a range of businesses, from established brands to the next generation of startups.
Paynetics issue UnionPay cards across the EEA, beginning with Q1 of 2021. Businesses and individual account users have access to a multitude of features including cross-border transactions via secure, multi-currency payment solutions. A couple of years ago, in July 2021, payment and wellbeing platform Maslife collaborated with Paynetics to power its financial wellbeing app.
The Maslife platform enables users to make informed decisions about their lifestyle, wellbeing, and finances. It offers customers a full suite of financial tools to support them in better managing their finances and improving their state of mind. The app helps its users to implement positive habits and mindsets with actionable steps.
These include mindful spending and budgeting with accounts in GBP, EUR, and USD, free currency exchanges, virtual and metal debit cards, along with other payment services. .
Apr 17, 2023 10:31
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