European paytech payabl. has secured an Electronic Money Institution licence (EMI licence) from the Central Bank of Cyprus (CBC), which is passported throughout the European Economic Area (EEA).
Following the approval, payable. explained that the EMI licence should enable it to significantly broaden and enhance its existing and new payment services across Europe.
Upon receipt of the license, payabl. will be able to provide new services to its merchant customers, enabling them to do more in a single platform and through one provider. These enhancements will allow merchants to benefit from an improved user experience in the existing e-banking platform.
The license enables greater agility and flexibility for payabl. to develop new solutions and roll out upgrades to meet changing customer needs. In addition, its authorisation now as an EMI solidifies payabl.’s robust compliance and enhanced regulatory oversight, including the use of biometric identification in line with PSD2 regulations.
The paytech firm has been in operation since 2011, and now serves over 500 customers across Europe and the UK. It previously had a Payment Institution (PI) license, and the new EMI license granted by the CBC strengthens the company’s offering in the EEA. It also marks a crucial step in payabl.’s European growth ambitions to offer game-changing financial solutions and revolutionise the paytech space.
‘Our objectives extend beyond licenses’
Ugne Buraciene, group CEO at payabl., explained: “We are thrilled to have been granted an EMI license by the Central Bank of Cyprus, in addition to an FCA EMI license in the UK. Both mark a pivotal and strategic move for the business, underpinning our commitment to providing innovative financial services for the merchants in our network, and expanding our global footprint.
“As we celebrate this huge achievement, the journey doesn’t end here. We’re poised to continue on our growth trajectory, with ambitious plans to obtain an EMI license in the Netherlands and begin to explore other markets too.
“But our objectives extend beyond licenses. Fundamentally, we are dedicated to creating a diverse and skilled team, who are laser-focused on providing the highest calibre of services to our customers. Acquiring this license also helps us to further develop our new platform, payabl.one, which aims to consolidate services for merchants and give them access to agile, personalised and innovative financial services to enable their business growth.”