Paynetics UK receives EMI licence from the FCA

We are delighted to congratulate our client, Paynetics UK on receiving its Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).

Paynetics is one of Europe’s leading providers of embedded finance and digital banking solutions. It now holds EMI licences in Europe and the UK. This allows Paynetics’ business partners and customers to seamlessly build programmes that can be deployed throughout Europe and the UK.

Since the UK voted to leave the EU, Paynetics, which is headquartered in Bulgaria, has been operating under the FCA’s Temporary Permission Regime (TPR). With the TPR scheme set to end in December 2023, receiving an EMI licence allows Paynetics to transfer its UK-based customers onto its UK EMI licence.

Executive Chairman, Paynetics, Ivo Gueorguiev said, “Securing the UK EMI licence is a key element in our strategy to provide embedded finance across all of Europe and the UK. We are now able to offer the full range of our products to our UK customers and are particularly excited to be able to support a wider range of consumer-based programs in the UK. We believe this licence will further add to our growth, and we look forward to investing further in our UK business.”

Mike Peplow, CEO, Paynetics UK: “Securing the UK EMI licence gives our customers and partners the confidence to expand their business with Paynetics. We believe that by having dual license capability Paynetics is the natural partner for UK-based organisations who want to deploy in Europe or European-based organisations who want to enter the UK market. We are already building out the UK team and will offer the full range of our embedded finance capability to the UK market.”

“We partnered with leading governance, risk and compliance specialists, fscom who skillfully guided us through the authorisation process from start to finish. The team’s years of experience in working with the UK regulator was key to understanding the expectations and their expertise in the payments sector invaluable to the process.”

Alison Donnelly, Director, FSCom LimitedWe are thrilled to congratulate our esteemed client, Paynetics UK, on the successful attainment of its EMI licence from the FCA. This significant milestone further solidifies Paynetics’ position as a leading provider of embedded finance and digital banking solutions in Europe and the UK.”

About Paynetics

Paynetics is a regulated e-money institution that provides end-to-end payment services across the UK, European Union and globally. They are principal members of Mastercard, VISA, UnionPay International, SWIFT and SEPA and can offer both IBANs and UK Sort Codes. Paynetics meets the complex payment needs of both B2B and B2B2C customers safely in one place, including card acceptance and issuance, across mobile and ewallet, online, digital and physical cards, and POS channels.

About fscom

fscom is an award-winning specialist consulting firm providing governance, risk and compliance solutions to financial services institutions in the UK and Ireland.

We are a firm of deep domain experts who specialise in the payments and e-money, crypto, retail banking, asset management and trading and broking sectors.

Our senior team is a unique mix of experienced consultants, ex-regulators, ex-bankers and former in-house compliance experts who hold senior positions with leading compliance related industry associations and provide our clients with in-depth regulatory insight and industry best practice in all areas of financial services regulation to include authorisation, audit, financial crime, cyber security, and regulatory due diligence. 

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