EMI LICENSES
As a licensed e-money institute (EMI), you can carry out the following activities on behalf of your customers
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transfer money worldwide
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issuing e-wallets, prepaid & contactless cards
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transfer money including e-money from one user account to another
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setting up direct debits and processing standing orders, BACS or CHAPS payments
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creating e-wallets and transacting mobile payments
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P2P payment solution at crowd funding and market place platforms
Examples of businesses operating under the PI licenses
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Money transfer / remittence operators
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Merchant acquirers
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Prepaid card issuers
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Mobile network operators offering payment services
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P2P e-wallet operators
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Crowd funding platforms
Apply to become a small e-money institution (SEMI)
If you want to issue e-money and expect your business to not exceed on average of €5m of outstanding e-money with no plans to passport the payment services across EEA, you could then apply to register as a small e-money institution (SEMI).
You can also provide unrelated payment services i.e. services that do not arise directly as a consequence of your e-money, if the av monthly turnover in payment transactions is less than €3m.
Apply to become a authorised e-money institution (AEMI)
If your business is going to generate more than €5m of outstanding e-money or you would like to passport the payment services across EEA, you could then apply to be authorised as a authorised e-money institution (AEMI).
Passporting would allow your selected partners and agents across the EEA to carry out the same authorised financial services, which your firm has been authorised to do so under your license.
Application requirements
In order to either register as an SEMI or become authorised as an AEMI, as part of the application process, applicants needs to submit number of documents. This is to demonstrate to the regulator that the applicant together with its directors, key managers and those controlling it by virtue of their ownership or voting rights are of repute and capable of running a payment services business.
Please see below a comparison table that summarises the key differences between the application requirements of SPI and API.
Next steps
Regardless whether you are applying as a small e-money institute (SEMI) or as authorised e-money institute (AEMI), our services include helping you with the application form, identifying what supporting documents are needed with your application and if required, helping you draft those supporting documents.
Take advantage of our ‘free no obligation’ initial assessment offer, which include assessing the suitability of your directors, shareholders, business model and ability to meet FCA’s requirements.