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.

Read this next

blockdag

BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.

Fintech

Bitcoin payments app Strike launches in Europe

Bitcoin blockchain-based payments app Strike launched in Europe on Wednesday, allowing users in the region to buy, sell, and withdraw bitcoin (BTC).

Chainwire

Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.

blockdag

BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.

<