Paytech firm payabl. has announced that it has been granted an Electronic Money Institution licence (EMI licence) by the Central Bank of Cyprus (CBC), expanding its payment capabilities across Europe.
The EMI clearance underlines payabl.’s commitment to meet its ever changing and growing client needs, as the licence will allow the paytech to broaden and enhance its existing and new payments services in the European Economic Area (EEA).
payabl. previously had a Payment Institution (PI) licence, with the new EMI licence granted by the CBC strengthening the company’s offering. The company also received a crucial EMI licence by the Financial Conduct Authority (FCA) in the UK last August.
Ugne Buraciene, Group CEO at payabl., said: “We are thrilled to have been granted an EMI licence by the Central Bank of Cyprus, in addition to an FCA EMI licence in the UK.
“Both mark a pivotal and strategic move for the business, underpinning our commitment to providing innovative financial services for the merchants in our network, and expanding our global footprint.”
Upon receipt of the licence, payabl. will be able to provide new services to its merchant customers, allowing them to perform via a single platform and through one provider. These enhancements will allow merchants to benefit from an improved user experience in the existing e-banking platform.
Furthemore, the licence enables greater agility and flexibility for payabl. to develop new solutions and roll out upgrades to meet changing customer needs. The authorisation as an EMI solidifies payabl.’s compliance and enhanced regulatory oversight, including the use of biometric identification in line with PSD2 regulations.
Whilst gaining clearances to operate in Cyprus and the UK will fuel payabl.’s European growth, Buraciene admitted the company is not resting on its laurels and is targeting further expansion in other key markets.
She added: “As we celebrate this huge achievement, the journey doesn’t end here. We’re poised to continue on our growth trajectory, with ambitious plans to obtain an EMI licence in the Netherlands and begin to explore other markets too.
“But our objectives extend beyond licences. Fundamentally, we are dedicated to creating a diverse and skilled team, who are laser focused on providing the highest calibre of services to our customers.
“Acquiring this licence also helps us to further develop our new platform, payabl.one, which aims to consolidate services for merchants and give them access to agile, personalised and innovative financial services to enable their business growth.”