Contact Us
Email: info@buckinghamcapitalconsulting.co.uk
 
Telephone: 0207 866 2512 
International: 442078662512
Skype: BCC54321 

Buckingham Capital Consulting Ltd  |   One Kingdom Street, London, W2 6BD  |  Telephone: 0800 689 0501  |   Email: Info@buckinghamcapitalconsulting.co.uk

Registered in England and Wales registration number: 08744241

 

Copyright 2013 - 2019 Buckingham Capital Consulting Ltd

Enabling you to gain access to 512 million consumers across Europe and offer electronic money, including electronic wallets and prepaid cards

Electronic Money Institution (EMI) Germany

INTRODUCTION

Electronic money or e-money is the digital equivalent of cash and can be software or hardware based. Card-based e-money is commonly stored on a prepaid card, an electronic purse or wallet. Similarly, it may also be stored in a payment account. The legal framework for electronic money was established by the Directive 2000/46/EC. More recently, Electronic Money Directive 2 or EMD2 was adopted in an attempt to modernise the framework for the issuance of electronic money and enable innovation in doing so.

In 2017, mobile payments and digital wallets were used by 68% of Europeans. 84% of consumers across Europe are active online users and this is set to grow. Research has shown that 63% of consumers are most likely to use wallets for loyalty programs, whilst 56% for cashless payments. It is estimated that European mobile payments will almost triple by 2021 and grow from €52 billion to €148 billion.

Get in touch

Please provide your details below or alternatively, call us on 0207 866 2512 or email us at info@buckinghamcapitalconsulting.co.uk

HOW WE CAN HELP YOU

Licencing (Authorisation)
End-to-end authorised electronic money institution (EMI) licence application preparation.  Full management of communication with the regulator until your licence has been issued.
Obtaining banking facilities
From helping you obtain operational banking facilities to issuing cards and virtual IBANs, our service has your customer's needs in mind.
Full compliance support
We focus on your compliance so you can focus on your business and its growth. We offer 2 levels of compliance support packages to support you in areas including risk, compliance and auditing.
Full consulting support
Our partnership with you extends to consulting services, including legal, accounting, recruitment, business development, product development and market strategy.

Application Approval & Licence is issued

 

We hear back from the regulator who may have further questions. We prepare the response and manage communication on your behalf. Your application is approved and licence issued.

Application preparation

 

We work closely with you in understanding your organisation and its processes. We project manage your application. Finally, we help you to submit your application.

Planning &   Execution

 

We advise you on business requirements and agree a course of action. We advise you on your regulatory requirements, fees and time-scales involved. We also offer a fast-track service.

Assessment & Suitability

 

We listen to you to understand your business, your customers and your requirements. 

Step 1

Step 2

OUR EMI LICENCING PROCESS. STEP BY STEP

Step 3

Step 4

OUR APPROACH

Our service extends beyond licencing and compliance. We spend significant time understanding our clients, their culture, ambitions and road map. We understand where they are and where they want to be and achieve. We help them achieve this transition. In addition to our above services, we help our clients with related and third-party services, to enable them to offer payment services smoothly.

With our authorised electronic money institution (EMI) licence authorisation service, we will discuss your requirements and the payment services you wish to offer. We will assess your business model, directors and senior management team, their experience and suitability as well as your governance (risk & compliance), operations, structure, business model and viability, to ensure that you will meet the regulator's requirements. Following our assessment, we will provide you with a realistic and honest assessment on application strength, as well as making our recommendations.

The authorised electronic money institution (EMI) application requires careful planning and in-depth preparation. A large amount of documents are required to be drafted for the authorised electronic money institution (EMI) application, including a business plan, programme of operations, risk and compliance policy and framework, security procedures and policies, anti-money laundering etc. We are able to help you prepare all the required policies, procedures, and documents to ensure you achieve authorisation and avoid any delays in doing so.

EXAMPLES OF E-MONEY YOU CAN OFFER

Electronic Wallet

enabling customers to store both fiat (£,$,EUR) and digital/cryptocurrency 

Prepaid Card

enabling users to top-up electronic money and use their cards

Payment & Account Initiation

Merchant acquiring

Payment processing

Money remittance

Payment accounts

Under an EMI licence, you can also apply for payment services (as below) rather than applying for two separate licences

APPLICATION OVERVIEW

Information to be included in or with an application for authorisation

1.  A programme of operations.

2.  A business plan including a forecast budget calculation for the first three financial years.

3.  Evidence that you hold initial capital.

4.  A description of the measures taken for safeguarding electronic money service users’ funds.

5.  A description of the governance arrangements and internal control mechanisms, including risk management and accounting procedures.

6.  A description of the procedure for monitoring, handling and following up security incidents and security-related customer complaints, including an incidents reporting mechanism which takes account of the notification obligations.

7.  A description of the process for filing, monitoring, tracking and restricting access to sensitive payment data.

8.  A description of the business continuity arrangements, including a clear identification of the critical operations, effective contingency plans, and a procedure for regular testing and reviewing of the adequacy and efficiency of such plans.

9.  A description of the principles and definitions used in collecting statistical data on performance, transactions and fraud.

10.  A security policy.

11.  A money laundering and countering terrorism financing policy.

12.  A description of the structural organisation, including, agents, branches, and outsourcing. 

13.  Details of shareholders and their qualifying holding.

14.  Details of directors and persons who are or will be responsible for the management of the company.

15.  The legal structure of the company. 

16.  The address of the head office of the applicant.

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