payabl. secures EMI licence from the CBC

As per the information detailed in the press release, the EMI licence enables payabl. to improve its payment services and electronic money solutions in the European Economic Area (EEA). The granting of the authorisation underscores the company’s commitment to meet the changing demands of its clients, as the licence allows it to broaden its existing and new payment services in the region.

Cyprus-based paytech company payabl. has announced that it secured an Electronic Money Institution (EMI) licence from the Central Bank of Cyprus (CBC).

payabl.’s development strategy

Since the launch of its operations in 2011, payabl.’s customer base has grown to 500 users across Europe and the UK. Prior to receiving its EMI licence, the company had a Payment Institution (PI) authorisation, with the new certificate granted by the CBC solidifying payabl.’s offering and position in the EEA. Additionally, the licence supports the company’s European growth objectives to provide improved financial solutions and enhance the paytech landscape. As of the announcement, payabl. is set to offer additional services to its merchant customers, enabling them with extended capabilities from a single platform and provider. This intends to result in merchants receiving an improved user experience in the existing e-banking platform.

Furthermore, the EMI licence supports payabl. in achieving increased agility and flexibility to develop new solutions and launch upgrades that meet the customer demands and requirements. The authorisation also strengthens the company’s compliance and regulatory oversight, including leveraging biometric identification in line with PSD2 regulations. According to payabl.’s officials, the EMI licence granted by the Central Bank of Cyprus comes as an addition to the company’s authorisation from the Financial Conduct Authority (FCA) in the UK. payabl. secured its EMI licence in the UK at the beginning of August 2023, with the company being set to transfer its customers based in the region to its UK EMI. At that time, payabl. expected the authorisation to provide it with a strong regulatory framework that could support UK merchants. Both licences mark a strategic move for the paytech and underline its commitment to offering improved financial services for the merchants in its network while expanding its global footprint.

Representatives from payabl. also stated the company’s intentions to continue its development strategy by obtaining an EMI licence in the Netherlands, as well as other markets. The company’s objective is to create a diverse team that can provide enhanced services to its customers. By receiving the EMI licence, payabl. can also further the development of its platform, payabl.one, which intends to consolidate services for merchants and provide them with access to personalised financial services that support business expansion.