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Bank of Italy restricts Lemonway from new operations

Friday 9 August 2024 14:19 CET | News

The Bank of Italy has imposed a restriction on Lemonway, preventing the company from initiating new operations within Italy.

 

Specifically, this ban affects Lemonway’s ability to enter into agreements with new partners for the provision of payment services via related platforms, offer new products and services to customers, and open new payment accounts. However, the restriction on opening new accounts applies only in cases where the Bank of Italy will provide specific instructions to Lemonway by 31 October 2024.

 

The Bank of Italy has imposed a restriction on Lemonway, preventing the company from initiating new operations within Italy.

 

Impact Limited to Future Customers

It’s important to note that these measures only apply to future customers and do not affect current accounts or services. Lemonway will continue to operate existing services, including wallet top-ups, fund withdrawals, and financing operations, without interruption. 

Lemonway communicated these developments in an informational email to its existing customers, who have opened payment accounts for the purpose of raising funds through crowdfunding platforms, marketplaces, or invoice advances, services offered in partnership with the fintech company.

Previous news from Lemonway

In June 2024, in a bid to include payouts via SEPA Instant Rails to its existing solution, Lemonway entered a collaboration with Nium. Representatives from Lemonway underlined that the partnership with Nium aimed to enable the delivery of a consistent payment experience for its marketplace customers across Europe. By joining forces, the two companies intended to allow these platforms to improve the seller payment experience, enter a global community, and accelerate new market expansion.

In October 2023, Lemonway partnered with Payplug to provide marketplaces with a seamless customer experience. Specifically, Lemonway integrated Payplug’s Payment Facilitator model to optimise payment performance for marketplaces. By leveraging a direct connection to the Cartes Bancaires network and Groupe BPCE, Payplug was able to achieve a net average acceptance rate of 94%, offering a simplified and secure payment experience that favours conversion. 


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Keywords: compliance, central bank, financial institutions, fintech
Categories: Banking & Fintech
Companies: Bank of Italy, Lemonway
Countries: Italy
This article is part of category

Banking & Fintech

Bank of Italy

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Lemonway

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