Electronic Payments for financial institutions
One EMI/PSP that is established in one European Country wants to issue IBANs based in a different european country.
Problem
How can an EU EMI/PSP issue payments and accounts in different geographies in Euro Area?
The process is more or less simple and depends on the country. Some are easier than others, but basically what you need is:
- You need to establish presence in the country and passport the license to that country
- You need to comply with the AML rules for the country. Usually using videoconference during onboarding will sufice, in others you may simplify this requirement with a selfie or a transfer from other bank account of the customer.
- You need to get the ID in order to start generating IBANs in that country. In some countries you need a BLZ/Sortcode to start operating. In others the code you get from the regulators to start operating will sufice.
Once you have these three pieces you can start managing direct access to the scheme if your country allows that or finding an sponsoring bank in the Euro Area.
Solution
Examples
