The European payment solution provider, payabl. has secured an Electronic Money Institution (EMI) license from the Central Bank of Cyprus.

This license signals a pivotal moment in payabl.'s commitment to adapt to the dynamic needs of its rapidly expanding clientele. With operations dating back to 2011 and having previously held a Payment Institution license, payabl. is eying exponential growth and an enhanced position in the European finance sector.

Expanding Services Globally

The newly acquired EMI license enables payabl. to expand its payment services across the EEA, bringing added value to its existing customer base of over 500 clients in Europe and in the UK.

Ugne Buraciene, the Group CEO at payabl., mentioned: "We're poised to continue on our growth trajectory, with ambitious plans to obtain an EMI licence in the Netherlands and begin to explore other markets too. But our objectives extend beyond licences. Fundamentally, we are dedicated to creating a diverse and skilled team, who are laser-focused on providing the highest calibre of services to our customers."

"Acquiring this license also helps us to further develop our new platform, payabl.one, which aims to consolidate services for merchants and give them access to agile, personalized and innovative financial services to enable their business growth."

Merchants partnering with payabl. will experience a positive shift as the EMI license enables the introduction of new services, providing an all-encompassing platform through a single provider. According to the company, this enhancement streamlines user experience on the existing e-banking platform and opens avenues for greater efficiency and convenience for merchants.

Agility and Compliance

payabl. noted that the EMI license signifies the firm's commitment to innovation and grants the company flexibility in developing new solutions. Additionally, this license ensures compliance with regulatory standards, including the integration of biometric identification in adherence to PSD2 regulations.

Additionally, this platform aims to consolidate services for merchants, offering agile, personalized, and innovative financial solutions to propel their business growth.

Last year, during the Finance Magnates London Summit (FMLS:23, Buraciene addressed the problem of isolated payment systems. She supported the idea of using platforms that connect different systems, making it possible for money to move quickly across borders.

She mentioned: "Credibility, trustworthiness, and transparency are very important. The greater the transparency we offer, the greater the adoption we'll see from end users."