Payment provider BVNK has announced it has received clearance for an Electronic Money Institution (EMI) licence to directly service its partners across the UK and Europe.
As a licensed EMI operator, BVNK will be able to provide virtual IBANS for Euro and GBP payment processing, as well as gaining access to SEPA Instant and Faster Payments to boost its payment offering across the continent.
Through this latest licence clearance, BVNK merchants can send and receive payment to suppliers and partners directly, which is now greenlighted via becoming an EMI.
This comes with benefits for customers, including a simpler process for onboarding and faster resolution of payment queries. It also enables the firm to cater for a wider range of business needs, including higher value transactions.
Simon Griffin, Managing Director of Core Banking at BVNK, said: “Businesses are growing across borders, and they need the ability to pay and be paid globally too. BVNK enables merchants to easily send and receive payments in both digital and fiat currencies.
“Now, as an EMI in Europe, we can better meet the diverse needs of our customers and innovate at a greater pace in future.”
BVNK now holds eight licences and regulatory approvals globally across fiat payments and digital assets.
The payment processor successfully operationalised System Pay Services (Malta) Limited, its EU EMI entity. Last year, it also took live its UK EMI with both licences operational.
In a recent interview with Payment Expert, John Salter, Chief Customer Officer at ClearBank, explained the ‘systemic importance’ of EMI proliferation of recent years in Europe and how this provides a balance between banks and fintechs.
