B2B payments infrastructure as a service specialist, TransferMate has been granted authorisation as an Electronic Money Institution (EMI) by the Central Bank of Ireland.
The company said in a statement that acquiring EMI authorisation means it can extend its service and allow its users to store multiple currencies as well as making it easier to settle outward remittances in real-time. TransferMate said the decision will also allow the company more sufficiently aid foreign exchange money movement and liquidity management needs.
“Acquiring the EMI authorisation is part of our continued investment into our product suite and expanding the value we can deliver for our clients’ said Sinead Fitzmaurice, CEO of TransferMate. ‘
She added, “We already facilitate billions of transactions on behalf of our customers and partners, from SMEs to large enterprises, and the e-money license will be a key part of the global payments infrastructure that they leverage.”
TransferMate is the first company to obtain an e-money licence in 2023 and becomes one of 22 companies to hold the licence in Ireland. As part of the authorisation process, the Central Bank of Ireland requires EMIs to be well-governed, with appropriate cultures, have effective risk management, safeguarding and control arrangements in place, and have sustainable business models with sufficient financial resources including when under ‘plausible but severe stress’.
“At TransferMate, we’ve always looked to build a solid, sustainable operation based on becoming an entity that is a world-leader in regulation and compliance’ said Terry Clune, Founder of TransferMate.
He added, ‘We have some of the toughest regulations in Europe, and it is a real achievement to acquire the EMI authorisation. It shows that constructing strong foundations pays off in the long-run, and ultimately delivers greater value to the marketplace.”
