Below we discuss the process of offering e-money in the form of branded prepaid cards.
1. Form a limited company.
2. Obtain an electronic money institution (EMI) licence
Here you have two options.
Under option 1, you can register as a small electronic money institution. This option does not have an initial capital requirement and you will be able to issue your own cards.
Under option 2, you can become authorised as an authorised electronic money institution (EMI). The initial capital requirement is €350,000. Once you become regulated you can issue your cards across Europe to some 512 million people.
In order to successfully obtain the EMI registration or authorisation, you will need to demonstrate to the regulator that you have the adequate financial and non-financial resources to manage the business, including suitable employees, an office and IT systems.
3. Obtain cards
Once you have successfully obtained your licence you will either need to become a principal member with Visa or Mastercard. Alternatively, you can approach an existing principal member who will be able to help you issue branded cards.
Buckingham Capital Consulting can advise you on your best course of action. With our electronic money institution (EMI) licence 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 of application strength, as well as making our recommendations.
The electronic money institution (EMI) application requires careful planning and in-depth preparation. A large number of documents are required to be drafted for the authorised electronic money institution (EMI) application, including a business plan, a 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 or registration and avoid any delays in doing so.
Buckingham Capital Consulting is a leading international consulting firm, specialising in payment services, electronic money, banking and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can you with licencing, compliance, operational setup and related services, including, obtaining banking facilities. Call us today on 02078662512 or 442078662512 if you are calling from abroad. Alternatively, please send an email to firstname.lastname@example.org to arrange a telephone call or to discuss your requirements and plan. We are also able to arrange calls or conference calls using Skype. Our Skype ID is BCC54321. If you wish, we can arrange a meeting at one of our offices.