European paytech, payabl., has been issued with an Electronic Money Institution licence (EMI licence) by the Central Bank of Cyprus. The CBC licence will be passported throughout the EEA. This underlines payabl.’s commitment to meet its ever changing and growing client needs. Specifically, the licence will allow the paytech to significantly broaden and enhance its existing and new payments services in EEA.

payabl. has been in operation since 2011, now serving over 500 customers across Europe and the UK. It previously had a Payment Institution (PI) licence. The new EMI licence granted by the CBC strengthens the company’s offering in the EEA. It also marks a crucial step in payabl.’s European growth ambitions to offer financial solutions to revolutionise the paytech space.

Merchants to benefit from improved user experience

Upon receipt of the license, payabl. will be able to provide new services to its merchant customers allowing them to do more in a single platform and through one provider. These enhancements will allow merchants to benefit from an improved user experience in the existing e-banking platform.

The licence enables greater agility and flexibility to develop new solutions and roll out upgrades to meet changing customer needs. In addition, its authorisation now as an EMI solidifies payabl.’s robust compliance and enhanced regulatory oversight. This includes the use of biometric identification in line with PSD2 regulations.

Ugne Buraciene, Group CEO at payabl., said: “We are thrilled to have been granted an EMI licence by the Central Bank of Cyprus, in addition to an FCA EMI licence in the UK. Both mark a pivotal and strategic move for the business. It underpins our commitment to providing innovative financial services for the merchants in our network, and expanding our global footprint.”