Choosing EMIs over traditional banks
Choosing EMIs over traditional banks
The banking world is changing, changing fast. Traditional banks are perceived as the dominant players on the financial market, but that status is regularly challenged by Electronic Money Institutions (EMIs). Digital financial platforms like VallettaPay provide global payment solutions that have been tailor-made to suit the needs of each client specifically.
Businesses can operate both with traditional banks and EMIs. However, there is an increasing trend in the number of business clients that prefer E-Money Institutions. This is mostly because EMIs are more inclined to take them than brick-and-mortar banks. The latter fear the high compliance risks these businesses entail and the extended due-diligence procedures.
EMIs are Fully Digital and Remotely Operated Solutions
Digitalisation allows clients to have round-the-clock access to their accounts and banking, no matter where they are. IBAN accounts for businesses represent an all-in-one digital platform, thanks to which customers can hold funds in multiple currencies under a single borderless bank account.
A foreign exchange service allows for smooth currency conversion, without any limits to the number of transactions and their size.
Faster Payments with Multiple Payment Options
Through EMIs, clients can rely on a variety of methods for multi-currency payments. VallettaPay offers a dedicated IBAN. These are characterised by flexibility, processing speed, and fair fees. Traditional commercial banks mostly conduct payments through credit/debit cards and limited wire transfers. On the other hand, EMI’s incorporate novel payment options that include electronic currencies and e-wallets.
Safe and Secure Clients’ Funds
Even though they provide users with cards, accounts, and other bank-like services, EMIs are not banks per se. Still, that doesn’t mean they are not controlled by the central financial authorities in the markets where they do business. Clients’ funds are secured given that EMIs follow regulations.
Compliance and Due-Diligence Procedures
Firms frequently encounter obstacles in the shape of rules and regulations banks are obliged to follow. EMIs are inclined to face such challenges head-on since they rely on their teams’ expertise to tackle compliance issues and perform enhanced due diligence procedures effectively. VallettaPay’s team is here to serve you.