Nium, a global financial technology platform, announced today that it has received the Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA) in the United Kingdom to issue e-money and provide cross-border digital payment services in the UK. This follows the announcement of Nium's partnership expansion with Visa to expand its card issuance service in Europe last month.
As an authorised EMI in the UK, Nium can now continue to extend its global financial infrastructure to businesses and consumers in UK, providing end-to-end B2B and B2C financial products and services. Through this licence, Nium will be able to:
Offer stored value, i.e. storing or issuance of electronic money in a digital wallet;
Conduct real-time funds transfers and send money to 3.21 billion beneficiaries around the world, via the most direct route to avoid delays and fees;
Unlock frictionless payment experiences for businesses and consumers around the world through its leading API tools and turnkey infrastructure.
"As our European EMI licence will not allow us to continue serving our clients in the UK after the Brexit transition period ends on 31 December 2020, this is an important step towards maintaining continuity. With the UK EMI licence, customers in the country will be able to continue tapping on our Open Money Network to offer financial services, enter new markets, expand across the globe, generate new revenue, and enhance customer satisfaction," said Nium's Co-Founder and CEO Prajit Nanu.
Nium's Open Money Global Platform is redefining the way consumers and business send, spend, and receive money. A single platform built on next-generation technology, Nium enables global Financial Institutions, Money Service Providers, Enterprises, Small Businesses and Consumers to make cross-border payments over 90 countries, and real-time payments in 65 corridors.
Designed to be flexible, easy, and cost-efficient, businesses can look forward to simple platform integration with existing systems. Nium's platform also allows customers to bring suppliers, business partners and clients together in a single platform, enabling faster growth by expanding into new markets and reducing operational complexity and cost.
"We've spent years building our business around security and compliance, and our network today is powered by our portfolio of licences, hard-earned by building trust with global financial regulators. The FCA's approval of our EMI licence is testament to the trust that global banks and financial regulators have in us, and recognition of our platform's capabilities to offer the best fintech solutions to UK businesses." said Nium's Chief Compliance Officer Laurent Reichert.