BVNK secures EMI license in Europe

Rick Steves

BVNK has announced the activation of its Electronic Money Institution (EMI) license in Europe following the successful acquisition and operationalization of System Pay Services (Malta) Limited, its EU EMI entity based in Malta.

Alongside its UK EMI license, the EU-regulated entity enables BVNK to offer improved B2B payment services in EUR and GBP, facilitating more efficient and supportive customer interactions.

The B2B payments market, valued at approximately $113 trillion, is expected to grow to $137 trillion by 2027 driven by businesses increasingly operating across borders, necessitating global payment solutions. BVNK’s modern payments platform bridges banks and blockchains to allow businesses to transact in any currency, whether digital or fiat.

With EMI licenses in both Europe and the UK, BVNK can provide named virtual IBANs (vIBANs) in EUR and GBP and ensure rapid access to major payment schemes such as SEPA, SEPA Instant, CHAPS, and Faster Payments.

EMI allows BVNK to streamline onboarding and higher-value payments

Operating as an EMI allows the company to offer significant benefits to its customers, including streamlined business onboarding processes, quicker resolution of payment queries, and the ability to handle higher-value transactions. The EMI status also positions BVNK to introduce new currencies or payment schemes in response to merchant needs.

As an EMI, BVNK guarantees that all client e-money funds are segregated and safeguarded, adhering to regulatory standards. This ensures a secure and reliable environment for conducting transactions. For businesses interested in utilizing BVNK’s services, the company offers virtual accounts for EUR and GBP, alongside comprehensive support to guide new users through the process.

BVNK’s EMI accounts, provided by the BVNK Group entities System Pay Services Limited and System Pay Services (Malta) Limited, are regulated by the Financial Conduct Authority and the Malta Financial Services Authority, respectively, ensuring compliance and security in all transactions.

BVNK secured its EMI license in the UK in 2022 by acquiring System Pay Services Limited (SPS Ltd), which allowed the firm to accelerate expansion and broaden its product offering.

The deal opened BVNK to SPS’s one-stop payment solution for businesses, which includes e-money services, e-wallets, and multi-currency accounts for merchants to make, receive, and process payments. The acquisition was approved by the Financial Conduct Authority, UK’s financial watchdog, and allows BVNK to further its product offering and international presence, with existing business activities in the UK, Asia, Europe, the Middle East, and Africa.

BVNK offers a multi-currency account for customers to send and receive payments on all major schemes and blockchain networks, incorporate stablecoins into their payment flows, and settle funds from over 30 markets.

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