An EMI license allows the company to provide the following services within the European Economic Area (EEA): execute payment transactions (including credit transfers, direct debits, through payment cards or a similar device); issuing and/or acquiring of payment instruments, including credit/debit/virtual cards; issuance of eMoney, being digital cash stored on an electronic device, virtual card or remotely at a server; money remittance; FX services; credit, for a maximum of 12 months, if the credit is closely if the credit is closely linked to a payment service.
Per the requirements of the license, the company will now move to finalise its Principal Membership commercial arrangements with Visa, Mastercard Worldwide, JCB and other card schemes, as a card acquirer and/or card issuer. These commercial arrangements will be concluded in parallel with the necessary technical integration to each of these card schemes, which integration is expected to take around six months.
In parallel, the company has identified partnership opportunities whereby it may use the technical and payment settlement infrastructure of other EEA based payment service providers, whilst contracting and servicing merchants under its own license. Merchants can thus be contracted directly with ISXPay, so as services and revenues may commence sooner across the EU.
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