Eternity Law International News Organization and possibilities of electronic money institution

Organization and possibilities of electronic money institution

July 15, 2021

Electronic money institution gives ability to proffer numerous types of financial range services in a wider manner compared to payment establishments operating with paying processing. If EMI got license in one of the EU states, that has a membership in the Union, it opens the way to offer services in rest of the European Union without limitations and any demands. In addition, all advantages of common market become open to such an EMI.

In what way does an electronic money establishment differ from a standard payment mechanism?

Electronic money is described as “Electronic space for funds that persons other than digital money issuer may use to do transactions”. This system functions as a prepaid instrument that may not denote bank accounts. Payment Institution (PI) differs from E-money in way as e-money establishments, plus to all services proposed by PI, may issue e-currency. Thus, electronic money institution has the right to keep its customers’ capitals for longer period than, as a rule, payment establishments can.

When the UK withdrew from the EU, Lithuania became leading European jurisdiction with largest digital money licenses number.

Why is Lithuania the most appropriate place for licensing electronic money establishments?

  • Lithuania does not set specific demands for board members of organization and for its directors regarding residence in Lithuania or Europe as a whole.
  • The licensing process takes very little time.
  • There is no need to set up a firm and freeze capital to apply for a permit.
  • All firm records can be formed in English.
  • Electronic money institution in Lithuania may open individual IBAN.
  • Ability of getting permanent access to Single Payment Area in euros using CENTROlink system. This technological structure is controlled by Lithuanian Central Bank.
  • Customer verification system remotely. Special technologies developed for remote confirmation of clients allow opening an account without actual presence of a person.
  • Any such establishment may offer services throughout the EU out of need for extra licensing.
  • A special visa for entrepreneurs who conduct innovative business in Lithuania and are citizens of countries outside EU.

Services an electronic money establishment has the ability to offer

Electronic money establishment with official permission is able to propose more services, particularly, the following are available to such organizations:

  • credit and withdraw money;
  • fulfil payments, transfer funds, direct debiting, operations performed using payment card or alike;
  • carrying out payments with coverage of funds by a credit line, as well as direct debiting, operations performed using a payment card or alike;
  • financial tools receipt and emission;
  • payment initiation;
  • E-money emission.

Lithuania realized the Second EU Payment Services Directive – PSD2. According to it, a payment initiation is available for clients, i.e., payment initiation from a customer’s account upon a query received from a person holding an account with another service provider.

You can also see our offers in category ready-made companies and licenses for sale.
We would like to offer a SEMI license in UK and EMI in Lithuania.

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