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TransferMate receives e-money licence from the Central Bank of Ireland

Monday 1 May 2023 14:20 CET | News

B2B payments company TransferMate has been granted authorisation as an Electronic Money Institution (EMI) by the Central Bank of Ireland.

 

Acquiring EMI authorisation allows TransferMate to offer an extended service to their customers and partners. It means customers can now store multiple currencies with TransferMate indefinitely, more easily settle outward remittances in real-time, while also aiding foreign exchange money movement and liquidity management needs.

B2B payments company TransferMate has been granted authorisation as an Electronic Money Institution (EMI) by the Central Bank of Ireland.

Company officials said that acquiring the EMI authorisation is part of their continued investment into their product suite and expanding the value they can deliver for their clients. They already facilitate billions of transactions on behalf of their customers and partners, from SMEs to large enterprises, and the e-money license will be a key part of the global payments infrastructure that they leverage.

A tough regulatory environment

TransferMate are one of the first companies to obtain an e-money license in 2023 and now one of only 22 to hold such in Ireland, as per the press release. As part of the authorisation process, the Central Bank of Ireland requires EMIs to be well-governed, with appropriate cultures, have effective risk management, safeguarding and control arrangements in place, and have sustainable business models with sufficient financial resources including when under ‘plausible but severe stress’.

The officials added that at TransferMate, they’ve always looked to build a solid, sustainable operation based on becoming an entity that is a world-leader in regulation and. They have some of the toughest regulations in Europe, and it is a real achievement to acquire the EMI authorisation. It shows that constructing strong foundations pays off in the long-run, and ultimately delivers greater value to the marketplace.

The e-money licence is now a significant part of TransferMate’s global payments infrastructure, built on the foundation of 92 payment licenses, which covers 200+ countries and territories and 140+ currencies.


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Keywords: remittance, money transfer, EMI licence, central bank, regulation
Categories: Payments & Commerce
Companies: Central Bank of Ireland, TransferMate
Countries: Ireland
This article is part of category

Payments & Commerce

Central Bank of Ireland

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TransferMate

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