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In a significant development, payabl., a leading PayTech in Europe, has successfully obtained an Electronic Money Institution licence (EMI licence) from the Central Bank of Cyprus, allowing it to operate throughout the European Economic Area (EEA).
This strategic move demonstrates payabl.’s commitment to adapting to the evolving needs of its clients. The EMI licence empowers payabl. to expand and enrich its range of payment services for both existing and new clients within the EEA.
Established in 2011, payabl. currently serves over 500 customers across Europe and the UK. Previously holding a Payment Institution (PI) license, the acquisition of the new EMI licence reinforces the company’s position in the EEA and signifies a crucial step towards realizing its growth aspirations in Europe, aiming to introduce transformative financial solutions in the PayTech sector.
With the newly acquired licence, payabl. is poised to introduce innovative services to its merchant customers, enabling them to conduct diverse financial activities through a single platform and provider. These enhancements are expected to elevate the user experience within the existing e-banking platform for merchants.
The EMI licence grants payabl. increased agility and flexibility to develop novel solutions and implement updates, ensuring responsiveness to evolving customer requirements. Moreover, the authorisation as an EMI solidifies payabl.’s commitment to robust compliance and heightened regulatory oversight. Notably, it aligns with PSD2 regulations, including the incorporation of biometric identification for enhanced security.
Ugne Buraciene, Group CEO at payabl., expressed excitement about the EMI licence from the Central Bank of Cyprus, alongside their existing FCA EMI licence in the UK. She emphasized the strategic significance of these licences in reinforcing their dedication to delivering innovative financial services and expanding their global presence.
Buraciene remarked, “This achievement marks a pivotal moment for our business, reinforcing 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 licence in the Netherlands and begin to explore other markets too. But our objectives extend beyond licences. 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 licence 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.”
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