As the Operator Led participant, we can open an EUR IBAN account for processing transactions (which means we can access/install a payment application (provided by the EMI holder) for sending/tracking transactions). So when a customer agrees to use our service, they will send EUR to our IBAN account, is it correct?

Essentially, Yes. They are sending money to your Merchant’s account, which is held under your umbrella but operated by the EMI. You cannot have access to funds that do not belong to you. I’m sorry, but you will have to learn yourself on how an omnibus account works under an FBO account or pooled account

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This page was last updated on December 2, 2024.

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