WALLET FEATURES

  • API Based integrate into an existing UI or opt for a Full White labelled Solution
  • Program management to configure multi-level marketing campaigns targeting specific digital wallet customers
  • Product management to manage different product account types and configure various options for individual account types
  • Wallet account management to manage customer onboarding and the setup of wallet accounts
  • Multi-Currency to manage multi-currency accounts and currency conversions User management for easy user setup and control user access using Role Based Access
  • Control Payment channel management to handle various loading, money transfer, payment and unloading options
  • Fee management to handle different fee types for loading, spending, transfers and recurring fees Limit management for setting spending, turnover, transaction and account type limits
  • Risk management to configure risk scoring, risk parameters and risk classification
  • Know your customer interface to fulfil KYC and AML requirements
  • Reporting & reconciliation interface to fulfil regulatory requirements and for accounting system for bookkeeping, billing and reconciliation
  • Banking institutions and payment providers interfaces to banks and payment providers to facilitate money flows from external accounts to the digital wallets

KEY OPERATIONAL BENEFITS

  • Independent technology platform guaranties complete ownership of both customers and merchants
  • Completely white labelled a platform with rich customizability which can be tailored to fit your brand identity
  • Optimized automation delivering cost efficiencies and economies of scale
  • Interoperable with a blend of traditional and new payment interfaces providing a seamless user experience for both consumers & merchants
  • Open interfaces which enable easy integration with existing customer portals or mobile applications
  • Security and safety our software is built using the latest technology and security standards
  • Accounting best practices both business and application logic are built on solid financial, operation rules and best practices
  • Easy to buy whether you prefer software as a service (SaaS) or a solution deployed on-premises we have a license model to fit your needs

 

A Licensed Electronic Money Institution (EMI) allows provide wider range of financial services comparing with Payment Institution designed for instant payment processing. Electronic Money Institution licensed in one European Union (EU) member state opens up business opportunities to act and provide services in all other EU/EEA countries, enjoying the benefits of a Common Market without any restrictions and additional requirements raised by the national regulators.

Single Euro Payments Area (SEPA) – 500 million consumers and over 20 million businesses making and receiving payments in Euro at a low cost, under the same basic conditions, rights and obligations, regardless of their location in Europe. Lithuanian licensed Payment and Electronic Money Institutions allowed join SEPA directly as banks.

  • Equity capital – EUR 350 000. Licensing time – up to 3 months.

    Difference between Payment and Electronic Money Institution

    Electronic Money (E-money) defined by European Central Bank as an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e-money issuer. The device acts as a prepaid bearer instrument, which does not necessarily involve bank accounts in transactions. Directive 2009/110/EC established legal basis for e-money issuing in the European Union (EU).

    The practical difference between Electronic Money Institution (EMI) and Payment Institution (PI) is that E-money institutions in addition to the services provided by PI are entitled to issue Electronic Money. It means that EMI is allowed to store clients’ funds for a longer period what Payment Institutions usually not allowed. EMI license allows issue of pre-paid payment cards, e-wallets and other payment instruments requiring storage of the client funds.

    Electronic Money Institution license is the right decision for the payment service providers planning wider range of services than just instant payment processing.

    Favourable and Business Oriented Regulation

    Electronic Money Institution or other FinTech company registered in Lithuania provides a significant competitive advantage and opens up European financial market at significantly lower costs. Lithuania and primarily its capital Vilnius became a new hub for the FinTech companies focused on international financial markets. Business oriented regulatory behaviour and significantly lower finance institution incorporation, licensing and maintenance costs is what makes Lithuania attractive for large international finance institutions as well as Fintech start-ups. Regulatory “Sandbox” – the Bank of Lithuania is committed to support start-ups and not to issue punishment for minor infringements during the first year of operation.

    Lithuania has already implemented EU Second Payment Services Directive (PSD2) allowing Payment Initiation Service (PIS) – initiation of a payment order from the client bank account at the request of the client from the payment account held at another payment service provider (bank). PSD 2 also allows E-money Institution provide Account Information Service (AIS) accessing consolidated information from the client accounts held by at another payment service providers (banks) and have overall view of client financial information.

    Licensed Electronic Money Institution provides following payment services:

  • services enabling cash to be placed on a payment account.
  • services enabling cash withdrawals from a payment account.
  • execution of payment transactions, including transfers of funds on a payment account with the payment service provider of the payment service user or with another payment service provider: execution of direct debits, including one-off direct debits, execution of payment transactions through a payment card or a similar device and/or execution of credit transfers, including standing orders.
  • execution of payment transactions where the funds are covered by a credit line for a payment service user: execution of direct debits, including one-off direct debits, execution of payment transactions through a payment card or a similar device and/or execution of credit transfers, including standing orders.
  • issuing and/or acquiring of payment instruments.
  • money transfers.
  • execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunications terminal equipment, digital or IT device and the payment is made to the telecommunications network or IT system operator, acting only as an intermediary between the supplier of the goods or services and the payment service user.
  • Payment Initiation Service (PSD2 implementation).
  • Account Information Service (PSD2 implementation).
  • issuing of Electronic Money.
  • Issue of Electronic Money on Blockchain


The European Union Payment Services Directive (PSD) adopted in 2007 provides the legal foundation to the European single market for payments. Payment Institution licensing in one of the member states within the European Union opens up business opportunities to act and provide services in all other EU/EEA countries, enjoy benefits of a Common Market without any restrictions and advantages of Single Euro Payments Area (SEPA). The  European Union Payment Services Directive adopted in 2007 provides the legal foundation to the European single market for payments.

SEPA – 500 million consumers and over 20 million businesses and European public authorities making and receiving payments in Euro under the same basic conditions, rights and obligations, regardless of their location in Europe. SEPA allows arranging electronic credit transfers and direct debits in Euro zone at a low cost just as easy as at home.


The PI licence is suited for FinTech companies and start-ups processing payments and money transfers of private individuals, companies and internet merchants. Payment Institution is the most popular license providing payment solutions for internet shops all around the Europe. 


Equity capital required – from EUR 20 000 to EUR 125 000. Licensing time –typically up to 3 months.

PSPs are required to hold initial capital as follows:

  • where the institution only provides money remittance, its capital shall at no time be less than €20,000;
  • where the institution provides the payment service listed in paragraph (g) of the Second Schedule to the Act, its capital shall at no time be less than €50,000; and
  • where the institution provides any of the payment services listed in paragraphs (a) – (e) of the Second Schedule to the Act, its capital shall at no time be less than €125,000.

What are the minimum capital requirements for Malta-licensed Electronic Money Institutions (EMIs)?

How can I obtain a Malta licence to act as a financial institution, Payment Service Provider (PSP) and/or Electronic Money Institution (EMI)?

How long can I expect the licensing process to take?

Do Malta-licensed EMIs and PSPs benefit from the EU-wide passport?

Are there any tax advantages to establishing EMIs and PSPs in Malta?

 


Services  enabled by the payment institution licence :

  • Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account;
  • Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account;
  • Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider:
    1. execution of direct debits, including one-off direct debits;
    2. execution of payment transactions through a payment card or a similar device;
    3. execution of credit transfers, including standing orders;
  • Execution of payment transactions where the funds are covered by a credit line for a payment service user:
    1. execution of direct debits, including one-off direct debits;
    2. execution of payment transactions through a payment card or a similar device;
    3. execution of credit transfers, including standing orders;
  • Issuing and/or acquiring of payment instruments;
  • Money remittance;
  • Execution of payment transactions where the consent of the payer to a payment transaction is transmitted by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting solely as an intermediary on behalf of the payment service user and the supplier of the goods and services.
  • services enabling cash to be placed on a payment account;
  • services enabling cash withdrawals from a payment account;
  • execution of payment transactions, including transfers of funds on a payment account with the payment service provider of the payment service user or with another payment service provider:
  • execution of direct debits, including one-off direct debits, execution of payment transactions through a payment card or a similar device and/or execution of credit transfers, including standing orders;
  • execution of payment transactions where the funds are covered by a credit line for a payment service user: execution of direct debits, including one-off direct debits, execution of payment transactions through a payment card or a similar device and/or execution of credit transfers, including standing orders;
  • issuing and/or acquiring of payment instruments;
  • execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunications terminal equipment, digital or IT device and the payment is made to the telecommunications network or IT system operator, acting only as an intermediary between the supplier of the goods or services and the payment service user;
  • Payment Initiation Service (PSD2 implementation).
  • Account Information Service (PSD2 implementation).

The  EU Second Payment Services Directive (PSD 2) enables Payment Initiation Services (PIS)

  • Initiation of a payment order from the client bank account at the request of the client from the payment account held at another payment service provider (bank).
  • To provide Account Information Service (AIS) accessing consolidated information from the client accounts held by at another payment service providers (banks) and have overall view of client financial information.
  • One license is required for all Europe. Passporting of the license in EU/EEA area is viable.