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.