News

BVNK receives European e-money institution licence

Wednesday 21 February 2024 11:51 CET | News

UK-based payments platform BVNK has gone live in Europe after receiving its local EMI licence.

 

BVNK, the payments provider unifying banks and blockchains in a single API platform, is happy to announce that its EMI licence in Europe is live, after having acquired and successfully operationalised Malta-based System Pay Services in 2023, its EU EMI entity. The company now holds 8 licences and regulatory approvals globally across fiat payments and digital assets.

In 2023, it also took live its UK EMI. With both licences operational, the provider can now offer enhanced payment services for EUR and GBP.

BVNK has gone live in Europe after receiving its local EMI licence, following the acquisition of System Pay Services in 2023.

Augmenting global B2B payments

The B2B payments industry is worth around USD 113 trillion and is predicted to reach USD 137 trillion by 2027. Officials from BVNK explained that businesses are growing across borders, and 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, they can better meet the diverse needs of their 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, and access to UK and Europe’s payment schemes including Sepa, Sepa Instant, and Faster Payments, so merchants can send and receive payments to suppliers and partners. While the firm 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.

What does BVNK do?

BVNK provides modern payments infrastructure for businesses. They unify banks and blockchains in a single API platform. With BVNK, businesses can send and receive stablecoin payments, convert between currencies and add crypto payments to their checkout. Using their flexible platform, robust global licensing and compliance expertise, innovators can launch new payments products quickly and compliantly.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: EMI licence, B2B payments, API, Virtual IBAN, SEPA
Categories: Banking & Fintech
Companies: BVNK
Countries: Europe, United Kingdom
This article is part of category

Banking & Fintech

BVNK

|
Discover all the Company news on BVNK and other articles related to BVNK in The Paypers News, Reports, and insights on the payments and fintech industry: