Identity Verification for Electronic Money Institutions

Currently, we provide identity verification service for over 30 Electronic money institutions, not only that, we closely work with Lithuanian bank (LB) and help companies navigate the application process.

But first, let’s cover: “what is electronic money institution and what they do?” before we dig deeper into how we help these companies.

Electronic money institutions are market participants with a right to issue electronic money.

Electronic money (e-money) is a pre-paid monetary value issued into circulation by an electronic money institution, held on electronic devices and used for payment purposes.

To have a right to issue Electronic money, companies need to receive an electronic money institution license also known as EMI.

Electronic money institutions license in Lithuanian

2018-2019 has been a phenomenal success for Lithuania. Lithuanian central bank has granted over 50 new EMI licenses, including Fintech disrupters as Revolut. This has officially positioned the country as a FintechHub in financial Europe.

Not only that but Lithuanian bank has been working to provide an extremely efficient application process, that helps businesses receive EMI licenses in efficient timelines. Opening doors for further Fintech expansion in Europe.

While the application process is streamlined and effective, regulation is still strict. Compliance still remains as one of the most important focus for EMI license holders.

KYC & AML compliance

As a trusted provider and partner of LB, we will help you navigate the difficult compliance requirements and get approved in a fast and efficient way, delivering trusted and tested KYC/AML solutions.

Know your customer (KYC) & Anti-money laundering (AML) compliance is one of the essential requirements for your EMI license. It’s paramount to choose a provider that is trusted & works closely with local authorities, yet provides you capabilities to scale and grow.

iDenfy has been helping businesses since 2016 to comply with EMI license requirements, offering online identity verification solutions to meet regulations and effectively grow.

Not quite convinced?

Here’s “the cherry on the cake” we have partnered with +30 different EMI license “go-getters”, just like you.