The license to operate an Electronic Money Institution obtained from the Central Bank of Cyprus allows the payable. to strengthen the already integrated payment and electronic money services in the EU.
payable, one of the leading PayTech companies in Europe, has announced that it has received an Electronic Money Institution license (EMI license) from the Central Bank of Cyprus, with the right to operate throughout the European Economic Area (EEA). This development reinforces payable's commitment to meet the ever-changing and growing needs of its customers, as the license will enable the PayTech company to significantly expand and strengthen existing and new payment services in the EEA.
What is payabl.
payabl. operating since 2011, now serving over 500 clients across Europe and the UK. Until recently, it held a Payments License (PI license), and the new EMI license under which it now operates strengthens the company's offering in the EEA. It also marks a critical step towards realizing payabl's growth goals. to offer innovative financial solutions and revolutionize the PayTech space.
What's changing for the company
By securing the license, payable will now offer new services to its clients' businesses, giving them expanded capabilities, on one platform and through one provider. This important development will allow businesses to benefit from an improved user experience on the existing e-banking platform. The license gives payables greater flexibility to develop new solutions and implement upgrades to meet changing customer needs. In addition, payable as an authorized Electronic Money Institution (EMI) establishes its strict compliance and enhanced regulatory oversight, including the use of biometric identification, in accordance with PSD2 regulations.
Ugne Buraciene, Group CEO of payabl., said: “We are delighted to have been licensed as an Electronic Money institution by the Central Bank of Cyprus, in addition to our EMI license from the Financial Conduct Authority in the UK. Both licenses are key strategic moves for the company, underscoring our commitment to providing innovative financial services to our network member businesses and expanding our global footprint.”
“As we celebrate this huge achievement, the journey continues. We are ready to further develop our growth path, with ambitious plans such as obtaining an EMI license in the Netherlands and starting to explore other markets. But our goals extend beyond these licenses. Our main concern is to create a diverse and skilled team, which is focused on providing high level services to our clients. Obtaining this license also helps us further develop our new platform, payabl.one, which aims to unify services for businesses and provide access to flexible, personalized and innovative financial services that will enhance business growth them”.
