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BVNK goes live as an e-money institution in Europe

BVNK, the payments provider unifying banks and blockchains in a single API platform, is excited to announce that its EMI licence in Europe is live, following an acquisition in 2023.

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BVNK now holds 8 licences and regulatory approvals globally across fiat payments and digital assets.

BVNK has successfully operationalised System Pay Services (Malta) Limited, its EU EMI entity. Last year, it also took live its UK EMI. With both licences operational, the provider can now offer enhanced payment services for EUR and GBP. The B2B payments industry is worth around $113 trillion and is predicted to reach $137 trillion by 2027.

Simon Griffin, Managing Director - Core Banking, BVNK, said: “Businesses are growing across borders, and they need the ability to pay and be paid globally too. BVNK enables merchants to easily send and receive payments in both digital and fiat currencies. Now, as an EMI in Europe, we can better meet the diverse needs of our customers and innovate at a greater pace in future.”

As a licensed electronic money institution in the UK and Europe, BVNK provides named vIBANs for EUR and GBP, and access to UK and Europe’s payment schemes including Sepa, Sepa Instant and Faster Payments, so merchants can send and receive payments to suppliers and partners. While the firm has previously worked with partners to deliver these services, as an EMI, they can now manage them directly.

This comes with benefits for customers, including a simpler process for onboarding and faster resolution of payment queries. It also enables the firm to cater for a wider range of business needs, including higher value transactions.

As an EMI, BVNK ensures that all customer e-money funds are 100% segregated and safeguarded.

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