Electronic Money Instituation – What the Future Holds for Banking
Recently there has been an increase in EMI Fintech companies as many new start-ups get on board with this booming market. Despite the fact that there are already many EMIs they differ in business model, scale and technology. Some EMIs are comprehensive complex e-wallet systems offering access via apps or mobile versions and others are basic systems offering simple transfer and remittance services. No matter what kind of business or personal interest you have there is an EMI solution to meet your banking needs and replace your current, conventional banking.
So what’s so special about EMI?
Companies holding an EMI license (Electronic Money Institution) usually offer a variety of e-wallet solutions and transfer services. Their services are similar to those offered by conventional banks but differ in a few ways:
Cutting Edge Solutions – small Fintech businesses offer the latest banking systems plus enhanced UX and UI and an overall improved customer experience. There is innovation in the user interface as well as the implementation of new technologies, for example facial recognition login; fingerprint login or one-time login for all forms of payment (e.g. Bitcoin, foreign currencies and regular payments).
Intensified Risk and Anti-Money Laundering Procedures – As an innovative state-of-the-art way of conducting banking EMI systems can monitor for suspicious online activities and identify the culprits in a way that is rare among conventional banking systems. Money laundering is a major issue in all financial institutions and the sophisticated capabilities of EMIs in coping with the AML problem puts EMI users ahead. Any financial institution unable to monitor account activities risks losing their license.
Understanding of 21st Century Banking Needs – In today’s digital world where everything operates on a global scale and people live both in the “real” world and in an online environment traditional banking systems don’t have the advantages of Electronic Money Institutions. In fact traditional banks usually don’t understand the needs of new businesses and don’t want to go to the trouble of learning about the financial services they need. EMI startups are geared towards forward-thinking, young and success-driven 21st century businesses. The EMI startups are themselves new business models and so they have the tools to comprehend and meet the electronic banking needs of new business.
So where do EMIs fall short?
The catch with EMIs is that so many have been established in the last few years, each using a different method; offering different services and asking different fees that it is difficult to determine which EMI best suites your business. At GBO we can help you find finding the best E money account which meets your particular corporate financial service needs.
Why European countries favor Fintech?
European Union countries (EU) have committed to a number of e-commerce initiatives in an effort to advance the continent’s economic fortunes, remain competitive and accelerate progress into the digital age of the 21st century.