Electronic Money Institutions, or EMIs for short, are a simple way to send and receive money. These platforms are gaining popularity for opening a business account and setting up digital wallets. If you are a person or a business tired of getting dragged down by banking bureaucracy, EMIs are a good substitute.
According to the Economist Intelligence Unit report, 77.6% of European banks agree that Fintechs will continue to have a material cost advantage over traditional banks. Besides, with digital banking growing at a 20% rate per year, one can expect more people learning about EMIs and wanting to register with one.
In this article, we present the results of an extensive research on tens of different EMIs. Our expert went through many demos and registration processes to present you the top six EMIs out there that are worth your attention. So, buckle up.
An EMI is a company that makes it easy for people to handle their money in the digital space. Think of it like a digital wallet on your smartphone. Just like your physical wallet holds your cash and cards, a digital wallet from an EMI stores your money electronically.
For example, imagine you want to buy a gift online. Instead of using cash or a traditional bank card, you can use your EMI digital wallet to make the purchase quickly and securely. You can also receive payments from friends or clients directly into your digital wallet and then use that money to pay bills, transfer funds, or shop online.
Additionally, if you run a small business, an EMI can help you set up a business account to manage your company’s finances. You can receive payments from customers, pay suppliers, and keep track of your financial transactions all in one place.
An EMI is like having a modern, online financial assistant that helps you manage, spend, and transfer money easily in the digital world.
Opening a business account with an EMI can often be a better choice compared to traditional banks, and here’s why:
If you want a simple, cost-effective, and modern way to manage your business finances, opening an account with an EMI is the right choice.
EMIs are important in the world where digital money has become a norm. They change how people and companies handle their funds.
Next, we will briefly examine 6 well-known EMIs—PayDo, Multipass, Bilderlings, Sepaga, Payabl, and Payset. We’ll just give you straightforward information about these institutions’ main services and features. Let’s get to know them a bit better.
PayDo, a top-tier Electronic Money Institution (EMI), is fully authorised by both the FCA and FINTRAC. Operating globally across 140 countries and more than 25 industries, Paydo offers personalised solutions to both businesses and individuals. The platform features multicurrency IBANs, merchant solutions, and mass payment options. PayDo follows the mission of providing premium and convenient payment services. Its clients get all of that within one platform and one contract, making PayDo a preferred solution in the market for both local and international payments.
A UK-registered EMI that provides banking services for businesses with international payment needs. MultiPass was established in 2017 and is backed by Dyninno Group’s experience working in over 50 markets.
A financial services provider that offers innovative banking solutions. They provide personal and business spending accounts, international transfers, and a mobile app for managing finances. Bilderlings operates as a UK-licensed fintech platform.
An EMI fully licensed and regulated by the Central Bank of Cyprus. Sepaga operates as an electronic money financial institution, providing services related to the issuance and redemption of electronic money. Its main activities include managing funds and facilitating global payments for international corporate clients.
Payabl is a financial services company specialising in providing businesses with secure online payment services. Established in 2011, Payabl is a prominent payment institution with regional offices in various European countries, including Cyprus, Germany, the Netherlands, Italy, Poland, Lithuania, and the UK.
Payset is an online payment platform based in London that offers a range of financial solutions for individuals and businesses. It provides services such as virtual IBAN accounts, multicurrency accounts, Mastercards, and currency exchange services.
In the competitive EMIs landscape, PayDo offers notably more flexible user conditions. A significant advantage of PayDo is its transparent fee structure, specifically concerning the monthly maintenance fee.
Unlike other EMIs, PayDo has designed a monthly maintenance fee system that does not burden its users with hidden or additional charges. This straightforward approach helps maintain budget clarity and fosters a trustworthy relationship between the institution and its clients, promoting smoother and more economical financial management for businesses of all scales.
PayDo’s business account is a big part of what it offers, making it easy for companies to set up business accounts without the normal long steps that can delay things. Here are the key steps for opening a Business Account.
For starters, go to the PayDo Business Account registration page.
After successful registration, access your Business Account dashboard.
As a starting point in verification, set up a Two Factor Authentication (2FA). It can be either email-based verification or Google Authenticator app.
The next substep is to go through Complete Verification. Here, you will find a full list of documents to present.
After submitting the documents, you will receive an email within 5 business days either congratulating you with successful completion of verification or regarding the need to provide additional documents.
In case of successful verification, add a card, apply for an IBAN or IBANs, and top up your wallet.
Now, you are all set to send and receive payments in 35 currencies, using nine payments schemes, and reaching 140+ countries.
EMIs have emerged as a viable solution for numerous companies looking to open business accounts, offering a range of services that traditional banks might not provide. Among the many EMIs available, PayDo offers more flexible conditions for opening a business account.
In addition to facilitating easier account setup, PayDo enhances user experience by offering additional products and services such as Checkout and Mass Payments, adding significant value and convenience to the business operations of their clientele.
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An EMI (Electronic Money Institution) is a digital platform that allows users to manage money online. It’s like an online wallet where you can handle funds, making financial management easier and more accessible.
EMIs offer quicker account setups, lower fees, online accessibility, modern financial tools, and ease in handling international transactions, providing a streamlined alternative to traditional banks.
PayDo offers a transparent fee structure, quick account setup, and versatile financial solutions like multicurrency accounts and various payment methods. It’s designed for both convenience and global reach, catering to diverse business needs.
