ai received formal approval for its e-money licence application from the FCA earlier in July 2018, which will enable the company to provide fully FCA compliant financial services. The renewed licence means that the business will continue to be regulated as an Electronic Money Institution (EMI) and is fully compliant with the latest PSD2 (Revised Payment Service Directive) EU regulation. (December 2015).
The Royal Bank of Scotland (RBS) has also re-approved ai for its Money Services Business (MSB) status. RBS reconfirmed ai meet their MSB criteria, by reviewing the business’s regulation and security compliance practices and processes. The renewed MSB status allows ai to manage any EML monies outside of the regular banking practice.
ai’s solutions, based on machine learning/AI tech, currently protect payments experiences for more than 100 banks, over three million multi-channel merchants and over 300 million consumer cardholders worldwide.
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