The new licence means that the company is now regulated as an Electronic Money Institution (EMI), a change from its previous status as an authorised payments institution. The change is effective from 1st July 2017.
Established in 2013, the Financial Conduct Authority is the conduct regulator for 56,000 financial services companies and financial markets in the UK and the prudential regulator for over 24,000 of those companies. With the financial markets needing to be honest, fair and effective for consumers, the FCA’s aim is to make markets work well for individuals, large and small businesses, and for the economy as a whole.
Founded in 1998, The ai Corporation (ai) is specialized in fraud, risk management and pioneering business intelligence from payments data. In 2016 ai purchased a payment gateway and now also offers all its solutions in via managed services.
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