Understanding What Electronic Money Institution Is And How It Works

Understanding What Electronic Money Institution Is And How It Works

Software, Technology
For as long as people have had money needs, there have been companies that helped them satisfy those needs. Some of those companies were banks and they held or loaned people’s money, others took that money in bills or coins and exchanged it for other types of currency. Today we have evolved beyond that; today we have electronic money institutions that do the same but electronically. What is an Electronic Money Institution (EMI)? An electronic money institution is a legal entity of non-bank origin that was set up to be able to issue electronic money or perform any other kind of operation with funds provided by the consumer.   EMIs do not have a physical presence and are regulated by the European Central Bank (ECB). In the EU, certain obligations exist…
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