TransferMate, the world’s leading provider of B2B payments infrastructure as a service, has been granted authorisation as an Electronic Money Institution (EMI) by the Central Bank of Ireland.
Acquiring EMI authorisation allows TransferMate to offer an extended service to their customers and partners. It means customers can now store multiple currencies with TransferMate indefinitely, more easily settle outward remittances in real-time, while also aiding foreign exchange money movement and liquidity management needs.
“Acquiring the EMI authorisation is part of our continued investment into our product suite and expanding the value we can deliver for our clients’
said Sinead Fitzmaurice, CEO of TransferMate.
‘We already facilitate billions of transactions on behalf of our customers and partners, from SMEs to large enterprises, and the e-money license will be a key part of the global payments infrastructure that they leverage.”
TransferMate are the first company to obtain an e-money license in 2023 and now one of only 22 to hold such in Ireland. As part of the authorisation process, the Central Bank of Ireland requires EMIs to be well-governed, with appropriate cultures, have effective risk management, safeguarding and control arrangements in place, and have sustainable business models with sufficient financial resources including when under ‘plausible but severe stress’.
“At TransferMate, we’ve always looked to build a solid, sustainable operation based on becoming an entity that is a world-leader in regulation and compliance’
said Terry Clune, Founder of TransferMate.
‘We have some of the toughest regulations in Europe, and it is a real achievement to acquire the EMI authorisation. It shows that constructing strong foundations pays off in the long-run, and ultimately delivers greater value to the marketplace.”
The e-money licence is now a significant part of TransferMate’s global payments infrastructure, built on the foundation of 92 payment licenses, which covers 200+ countries and territories and 140+ currencies.
Read more here.