Since our birth in 2016, Unnax has become one of the most innovative companies in the Open Banking space in Europe.
Our vision has always been that account aggregation and payment initiation, the two central services regulated by the Payment Services Directive (PSD2), would end up becoming commodities. That’s why it has always been our goal to go beyond Open Banking. To that end, nearly two years ago we began a highly complex regulatory process to become not only a licensed Account Information and Payment Initiation Service Provider, but also an Electronic Money Institution.
With the recent approval of our license by the Bank of Spain, Unnax becomes the first Open Banking provider to hold the EMI, AISP and PISP licenses. This recognition means that Unnax will be able to deliver a host of services that go beyond those contemplated by the PSD2 directive.
What are the benefits of having these licenses?
As a regulated entity, Unnax will be subject to much higher standards in security, reporting, and regulatory compliance than any other Open Banking provider on the market. This guarantees the highest quality of our products and excellence in all areas of service.
The Electronic Money Institution license will allow us to go beyond what a Payment Initiation provider can offer. We will be able to operate with our own electronic money accounts and build complex payment architectures, thus expanding our portfolio of services to offer emoney services such as issuance and management of electronic money and payment accounts.
This license comes at a time of internationalization for Unnax. We are crossing borders and beginning to provide service in other regions of Europe such as Portugal, Italy, France, and Poland, and we are even traversing the Atlantic and will be entering the Mexican market very soon.