BVNK has successfully taken live its new European EMI licence, following the launch of its UK EMI in 2023. The payments provider unifies banks and blockchains in a single API platform. BVNK now holds 8 licences and regulatory approvals globally across fiat payments and digital assets.
BVNK has successfully operationalised System Pay Services (Malta) Limited, its EU EMI entity. Last year, it also took live its UK EMI. With both licences operational, the provider can now offer enhanced payment services for EUR and GBP.
B2B payments industry forecast to be a $137trn business by 2027
Simon Griffin, MD, Core Banking, BVNK, said: “Businesses are growing across borders. They need the ability to pay and be paid globally too. BVNK enables merchants to easily send and receive payments in both digital and fiat currencies. Now, as an EMI in Europe, we can better meet the diverse needs of our customers and innovate at a greater pace in future.”
As a licensed electronic money institution in the UK and Europe, BVNK provides named vIBANs for EUR and GBP. It enables access to UK and Europe’s payment schemes including Sepa, Sepa Instant and Faster Payments. This means that merchants can send and receive payments to suppliers and partners. While BVNK has previously worked with partners to deliver these services, as an EMI, they can now manage them directly.
This comes with benefits for customers, including a simpler process for onboarding and faster resolution of payment queries. It also enables the firm to cater for a wider range of business needs, including higher value transactions.
As an EMI, BVNK ensures that all customer e-money funds are 100% segregated and safeguarded.
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By GlobalData