Online payments service provider eMerchantPay has just obtained authorisation with the British financial regulator (FCA) as an Authorised Electronic Money Institution (EMI), effective as of August 4, 2017, as per a corporate statement.

Becoming a fully regulated e-money provider moves eMerchantPay’s business into a new field, allowing the company to improve and extend services to customers.

The new FCA status as an Authorised Electronic Money Institution enables eMerchantPay to issue electronic money and to carry out various related payments services.

As per the FCA license details, the updated status allows eMerchantPay to enable cash placement and withdrawals, execution of both secured and unsecured payment transactions, issuing payment instruments or acquiring payment transactions, money remittance and execution of payment transactions via telecoms, IT systems or network operators.

In a parallel announcement by the firm, eMerchantPay said that it has joined the Prepaid International Forum (PIF), which aims to shape the pre-paid landscape on behalf of its merchants and partners.

Founded in 2002, eMerchantPay provides international online, mobile and POS payment processing services to merchants across the globe. The firm’s fraud prevention services and payment processing solutions operate in more than 150 currencies and many languages catering for businesses of all sizes.

Jonas Reynisson, CEO of eMerchantPay, said in a statement: “The EMI license allows for the opportunity to develop new payments capabilities for our merchants who in turn will benefit from additional revenue streams. We continue to invest in our payments technology and look forward to working closely with PIF, providing a unified voice for the pre-paid sector.”