From License to Launch – Electronic Money Firms in Europe Explained

Payment Institution Licence

A modern, more mobile, and low-fee alternative to banks is electronic money, which companies increasingly use. But behind the convenience lies a complex process of licensing, regulation, and technological preparation for the use of the payment system. For a better understanding of the process, let’s look at the general concepts of what a payment institution is and the need for licensing.

Where is the best place to get a payment institution license in Europe?

Consider the meaning of what an electronic money institution is. This is a licensed company that has the right to:

• issue and store electronic money;
• open client accounts;
• make payments, transfers, and settlements.

The most popular countries for obtaining a license are Lithuania, Estonia, Ireland, Luxembourg, and the Czech Republic. And the process consists of going through the following stages:

• Registration of a legal entity;
• Preparation of a business plan, financial model, and description of services;
• Collection of documents;
• Submission of an application to the national financial regulator;
• Interview and approval;
• Obtaining a license and the opportunity to work throughout the EU.

If you want to learn more about the possibility of obtaining a payment institution licence, our specialists are ready to provide you with a free consultation. Please leave a request on our website or contact us in a way convenient for you.