Electronic Money Institution (EMI)
aka EMI, e-money institution, e-money issuer
A specific Central Bank of Ireland authorisation that permits a firm to issue electronic money (prepaid balances, e-wallets, cards) and provide payment services. EMIs cannot take deposits and customer funds are safeguarded, not insured.
Last reviewed May 2026
Definition
An Electronic Money Institution (EMI) is a regulated firm authorised under the European Union (Electronic Money) Regulations 2011 to issue electronic money - that is, monetary value stored electronically on a card, app or account and accepted as payment by a third party. In Ireland, EMIs are authorised and supervised by the Central Bank of Ireland (CBI) and listed on the public CBI register. An EMI authorisation permits two activities: issuing e-money (the prepaid balance backing a card or business account) and providing payment services such as SEPA Credit Transfers, SEPA Direct Debits, card acquiring and remittances. An EMI authorisation does not permit deposit-taking, lending from customer funds, or paying interest on customer balances - those are the preserve of credit institutions. Customer funds held by an EMI must be safeguarded, typically by being held in a segregated account at a credit institution or covered by an insurance policy or comparable guarantee. Safeguarding is not the same as the Deposit Guarantee Scheme: if an EMI fails, customers are creditors against the safeguarded pool rather than beneficiaries of a state-backed insurance scheme up to EUR 100,000 per institution. Stripe (Stripe Technology Europe Ltd, CBI reference C187865), Soldo (C179925) and SumUp are examples of CBI-authorised EMIs serving Irish businesses.
Why it matters for software choice
When a fintech markets itself as a 'business account', the underlying authorisation is usually EMI rather than credit institution. That changes how the funds are protected, whether deposit guarantee cover applies, and how Revenue and SEPA counterparties treat the IBAN. Check the CBI register for the firm's exact authorisation type before holding a working capital balance there.
Authority sources
- Central Bank of Ireland: Payment Institutions and EMIs (www.centralbank.ie)
- Central Bank of Ireland: Registers (registers.centralbank.ie)
- European Banking Authority: Payment Services and Electronic Money (www.eba.europa.eu)
Software categories this affects
Vendors covered by this term
Stripe
Dublin-headquartered EU payments platform with native EUR processing, SEPA, and Irish IBAN payouts
Soldo
Irish-regulated prepaid card and spend management platform for European SMEs
SumUp POS
Simple, low-cost POS with no monthly fees and Irish IBAN payouts
Wise Business
Multi-currency business account with mid-market FX rates and EU IBAN for Irish SMEs
Related terms
Fintech
Software and platforms that deliver financial services - banking, payments, lending, insurance, wealth - through technology rather than branch-based incumbents. In Ireland, fintech firms are regulated by the Central Bank of Ireland.
Neobank
A digital-first, app-led account provider with no physical branches. Some hold full credit-institution licences; many operate as Electronic Money Institutions (EMIs) or under EU passporting rather than Irish bank authorisation.
Payment Institution (PI)
A Central Bank of Ireland authorisation that permits a firm to provide one or more payment services under PSD2 - account services, payment execution, card acquiring, money remittance, AISP, PISP - without being an EMI or credit institution.
Central Bank of Ireland (CBI)
Ireland's financial regulator and gatekeeper for banks, payment firms, e-money issuers, MiFID investment firms and insurance providers. Maintains the public CBI register and operates the Fitness and Probity regime for senior staff at regulated firms.
PSD2 (Payment Services Directive 2)
The EU directive governing payment services and payment service providers across the EEA. Transposed into Irish law by SI 6/2018 (European Union (Payment Services) Regulations 2018). Created the open banking and Strong Customer Authentication regimes.