An Electronic Money Institution (EMI) is a financial institution that is authorized to issue electronic money (also known as e-money) and provide payment services. E-money is a digital representation of monetary value that is issued on behalf of a natural or legal person, and accepted as a means of payment by third parties. An Electronic Money Distributor (EMD) is a type of EMI that is authorized to distribute e-money on behalf of the issuer.
A Registered Agent is a natural or legal person who is authorized to act on behalf of an EMI in a specific member state of the European Union (EU). The EMI is required to appoint a Registered Agent in each member state in which it provides services. The Registered Agent is responsible for representing the EMI in relation to its supervisory authority and customers in the member state, and for carrying out certain tasks on behalf of the EMI, such as handling complaints and reporting any suspicious transactions.
Overall, the role of an EMD or Registered Agent in the EU is to facilitate the issuance and use of e-money and to ensure compliance with relevant regulations and standards.
Please refer to the Delegate Status: Comparison Table for a more deeper understanding.
This page was last updated on January 2, 2023.