Spanish fintech UNNAX obtains the triple license under PSD2

Friday 26 June 2020 14:01 CET | News

UNNAX, a provider of Open Banking solutions in the Spanish market, has obtained a triple license (registration number 6719) from the Bank of Spain.

After an extensive regulatory review process, the Bank of Spain has approved UNNAX’s application to become a regulated Electronic Money Institution, Account Information Service Provider (AISP) and  Payment Initiation Service Provider (PISP).

The company becomes the first Fintech in Spain to obtain this trio of licenses, becoming the only Spanish provider of Open Banking and ‘e-money’ services. As a regulated entity under the Bank of Spain, UNNAX is subject to stricter standards than other Open Banking providers in terms of security, reporting and regulatory compliance.

Furthermore, the Electronic Money Institution license will allow UNNAX to operate with its own e-money accounts and to create complex payments architectures that go beyond the possibilities of the payment initiation license (PISP). As such, UNNAX will be able to offer a broader range of services, including e-money services such as emission and management of electronic money and escrow accounts.

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Keywords: fintech, UNNAX, license, PSD2, Open Banking
Categories: Banking & Fintech
Countries: Spain
This article is part of category

Banking & Fintech

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