e-MONEY Accounts
POWER YOUR BUSINESS WITH E-Money accounts
Clear Junction’s e-money account solution enables financial institutions and other organisations to hold funds in their customer’s names, thereby making financial reporting quicker, more efficient, simple and straightforward. The e-money service is particularly useful for marketplaces based in the UK – though it is also suitable for various tech platforms, including issuer processors, banking-as-a-service businesses and open banking providers.
When used in conjunction with our other solutions, e-money accounts serve as an effective means of handling incoming transactions on behalf of your customers. Importantly, organisations are able to assign a separate account with a unique account number and bank identification number to each customer. These features enable your business to have an overview of all customers using e-money accounts and their respective balances.
HOW CLEAR JUNCTION E-MONEY ACCOUNTS WORK
WHAT IS AN E-MONEY ACCOUNT?
Put simply, an e-money account is a tool that facilitates the holding of client funds and can be opened in your customers’ names. This essentially means that businesses are able to go to market with a fully formed e-money proposition, with Clear Junction doing the heavy lifting in the background.
There are many additional benefits too. For instance, Payment Initiation Service (PIS) licences are typically very restrictive and do not allow many organisations to hold merchant funds, but by utilising Clear Junction’s e-money accounts, we are able to hold funds on behalf of your business, leaving you free to focus on approach merchants with your new service offering.
HOW DO E-MONEY ACCOUNTS BENEFIT YOUR BUSINESS?
By utilising Clear Junction’s e-money accounts, businesses are able to provide services to merchants that compete with card acquiring. Our e-money account solution is designed for payment businesses who are not licensed to hold customer funds. This means that organisations can approach merchants and simultaneously offer them settlement and collection accounts.
Our e-money accounts facilitate the holding of client funds and can be opened in your customers’ names – this brings potential for additional revenue streams as it enhances your existing customer offering, thereby making it more holistic and appealing. Ultimately, our knowledge and experience has resulted in an end-to-end solution that benefits unlicensed payment businesses in myriad ways.