Romania EMI License

Under the rules that Romania intends to introduce, e-money are made equal to monetary values stored electronically. As a requirement for the issuer to perform payment transactions, they can be accepted by persons who do not act as digital funds issuers.

Requirements for payment licenses operators and e-money issuers

The common to the EU rules are applied as regards to a confirmation of a fine-tuning of the operation. They are defined by the second Directive of the European Parliament, European regulations and standards (PCI DSS, GDPR and others). According to them, payment licenses operators and companies that want to issue electronic money in Romania should:

• register a legal entity in the country;
• hire a minimum of two EU resident directors and confirm their experience in the field, qualifications, education (financial and economic, the technical one is not allowed);
• organize a “physical” office in the country, where there is enough staff to support the activity;
• provide a detailed business plan with financial indicators for several years to the regulator for analysis;
• pass due diligence (for founders and company management);
• ensure information security of operations – to set up equipment, anti-viruses and firewalls, manage access and accounts, develop the necessary policies;
• take care of the protection of users’ personal data, including EU residents (under GDPR regulation) – create a written register, meet DPO requirements, develop a security policy and implement its technical support.

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N5Bank Expert Assistance

N5Bank consulting company will help to fulfill all the conditions at the national and European levels. We successfully obtain payment licenses for customers in different jurisdictions, undertake the organizational side of the issue. Experts of the company will provide a legal support, help to select a tax model, register a company and open an account with the bank. With us, customers receive permits in the shortest possible time and successfully deploy activities in the field of electronic payments.

Technical compliance:

Professional IT analysis to ensure that the software meets regulatory standards. There are proven software solutions such as BAAS or SAAS. We significantly often work with such platforms as SoftexLab, which is ready-made technical solutions for your future fintech business, which are audited by various regulators within the jurisdiction.

Card issuance:

We recommend a White Label solution with partners such as XBANKSY, which is aggregator of more than 30 different cards and BIN- sponsorship around the World. This is a faster and, most importantly, more profitable way than direct VISA or MasterCard membership.

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