Electronic Money Institutions (EMIs) are the digital counterparts of banks, operating online and authorised to oversee transactions, issue electronic money, provide debit cards, etc. Compared to Payment Institutions built for quick payment processing, E-money license, allows for the provision of all payment services in a considerably broader range.

The monetary value of an EMI is either held in a central accounting system or on an electronic carrier such as a chip. This monetary value may subsequently be utilised to make payments to parties other than the issuer.

Furthermore, EMI may retain customer funds in opened individual client IBAN accounts for an indefinite length of time. EMIs licensed in a single European Union (EU) member state let businesses operate and offer services in all other EU/EEA member states, benefiting from the Common Market’s advantages without limits or extra requirements.