Comparison · 2026 edition
European Merchant Bank vs Magnetiq Bank: safeguarding banks compared 2026.
European Merchant Bank and Magnetiq Bank side by side in the Safeguarding Banks Index 2026: scores, evidence, published facts and awards.
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European Merchant Bank and Magnetiq Bank side by side in the Safeguarding Banks Index 2026: scores, evidence, published facts and awards.
In the Safeguarding Banks Index, European Merchant Bank scores higher overall: 3.8 out of 5 (76 out of 100) against 3.5 (71), ranking 2 and 5 of 14. European Merchant Bank also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | European Merchant Bank | Magnetiq Bank |
|---|---|---|
| Score out of 5 | 3.8 | 3.5 |
| Score out of 100 | 76 | 71 |
| Overall rank | 2 of 14 | 5 of 14 |
| For E-money institutions (out of 100) | 77, rank 2 | 71, rank 5 |
| For payment institutions (out of 100) | 77, rank 2 | 71, rank 5 |
| For firms applying for a licence (out of 100) | 74, rank 2 | 70, rank 4 |
| Type | Lithuanian bank (European Merchant Bank UAB) | Latvian bank (AS Magnetiq Bank) supervised by the Bank of Latvia |
Each score with the evidence behind it.
| Criterion | European Merchant Bank | Magnetiq Bank |
|---|---|---|
| Who it serves | 4/5 All PIs and EMIs passing KYC, including firms outside Lithuania; minimum fee set by risk level. | 4/5 Licensed and pre-licensed EMIs, PIs and crypto firms in Latvia or the EEA named; no minimums published. |
| Products | 4/5 Safeguarding and payment accounts with TARGET2 membership and SEPA Instant; EUR only named, no agency banking. | 4/5 Safeguarding and current accounts with one API to SEPA, SEPA Instant and TARGET2, principal SWIFT membership and virtual IBANs; no agency banking stated. |
| Published pricing | 5/5 One of the most complete published safeguarding tariffs among assessed banks, though maintenance fees are minimums; interest on balances not published. | 2/5 General business account and payment fees published as fixed figures; no safeguarding fee or interest published. |
| Onboarding | 3/5 Accounts opened for licence applications with an acknowledgement letter; first contact within one working day; no document list or opening timeline. | 3/5 Firms in the licensing queue targeted and a paid 48-hour application review published; no document list. |
| Technology | 3/5 API platform published; real-time balances and reconciliation reports not stated. | 4/5 API with webhooks, instant virtual IBANs and reconciliation support; real-time balances not stated. |
| Standing | 4/5 Licensed bank in the Lithuanian deposit guarantee scheme; no client numbers. | 4/5 Licensed bank supervised by the Bank of Latvia with 1000+ client companies published; deposit protection not stated. |
Each criterion is scored 0 to 5 against the best published offer in the Safeguarding Banks Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 21 October 2026.
| Fact | European Merchant Bank | Magnetiq Bank |
|---|---|---|
| Legal status | "European Merchant Bank UAB (EMBank) is licensed by European Central Bank", licence No. 3 (linked to the Bank of Lithuania site). | "AS Magnetiq Bank is a licensed credit institution supervised by the Bank of Latvia." Registration number 50103189561; "Licence No. 06.01.04/255 (issued on 12 September 2008)", "Reregistered on 20 December 2017, No. 06.01.02.01.340/491". Describes itself as a "Fully Licensed EU Bank". |
| Who it serves | "All PIs and EMIs that have passed the KYC processes can open a safeguarding account in EMBank." A separate fee table applies to "Customers Outside Lithuania or Financial Institutions". Minimum monthly fee "To be determined based on client risk level". | "PSD2-compliant safeguarding for licensed and pre-licensed EMIs, PIs, MSB and crypto firms." Target clients page: payment and electronic money institutions "registered and licensed in Latvia or the EEA"; crypto companies also listed. Excludes "Unlicensed financial institutions conducting actual business operations" and residents of FATF blacklisted countries. No minimums published. |
| Products | Safeguarding accounts and payment accounts; SEPA, SEPA Instant, TARGET2 ("We make EUR payments throughout the world with our TARGET2 membership") and SWIFT; EUR named. | Safeguarding accounts with "Ring-fenced client funds, separated from business accounts"; current accounts, overnight deposits and virtual IBANs; "one API connecting to SEPA, SEPA Instant, TARGET2" plus Visa Direct and Mastercard MoneySend; "Direct principal membership with SWIFT, Visa, and Mastercard." "Balances can be held in EUR and other major currencies, subject to agreement with the Bank." FX, business cards and acquiring. Agency banking not stated. |
| Pricing | Safeguarding account opening "4,000.00 €" per account; onboarding fee "min 3,000.00 €"; API connection set-up "10,000.00 €"; safeguarding account maintenance fee "Min 1500.00 €" (period not stated); payment account maintenance "Min 1000.00 €"; SEPA and SEPA Instant outgoing 2.00 €; TARGET2 outgoing 8.00 €, incoming 20.00 €. Interest not stated. | Price list for EEA legal entities: current account opening 350 EUR, account maintenance 200 EUR a month, minimum account balance 300 EUR; electronic SEPA payments from 15 EUR (standard). No safeguarding-specific fee or interest rate published. |
| Onboarding | "we will contact you within 1 working day"; "Your Safeguarding Account will be ready after AML/KYC procedures." EMBank provides "an official acknowledgement letter including your Safeguarding Account details that you will submit to the relevant supervisory authority to proceed with your license application." No document list or opening timeline. | "Quick and simplified onboarding"; its Nexpay page targets "EMI & PI Applicants": "Firms in the licensing queue needing immediate infrastructure." Tariff: "Additional fee for express consideration of an application for Current account opening within 48 hours", 350 EUR. No document list or standard timeline. |
| Technology | "EMBank offers an API-driven platform" covering account opening, payment initiation and account information. Real-time balances and reconciliation reports not stated. | "Through a single API integration, you gain access to regulated banking capabilities without building your own banking stack." "Webhook notifications"; virtual IBANs issued "from 1 to 1,000+ virtual IBANs in seconds"; "Support reconciliation and external audits"; "Real-time fund transfers". Real-time balances not stated. |
| Protection and scale | "EMBank participates in the deposit guarantee scheme (DGS) of Lithuania." No client numbers published. | "1000+" "Companies already use our products"; assets "€178.8 million"; capital and reserves "€34.8 million". Deposit protection not stated on the pages read. |
| Date read | 21 October 2026 | 21 October 2026 |
Not published or not stated by European Merchant Bank: pricing, technology, protection and scale and published pricing.
Not published or not stated by Magnetiq Bank: who it serves, products, pricing, technology, protection and scale, published pricing and standing.
Facts read on 21 October 2026 from: em.bank, em.bank/accounts/safeguarding-accounts, em.bank/fees-and-commisions, em.bank/blog/articles/…; and magnetiqbank.com/safeguarding-accounts, magnetiqbank.com/banking-as-a-service, magnetiqbank.com/legal/target-clients, magnetiqbank.com/…, magnetiqbank.com/price-list, magnetiqbank.com/wp-content/uploads/2026/06/…, magnetiqbank.com/contacts, magnetiqbank.com.
Awards follow from the published scores and cannot be bought.
No award in this index.
From each provider's strongest criteria and published terms.
EU EMIs wanting a published safeguarding tariff.
EEA EMIs and PIs still in the licensing queue.
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