Being more agile and fast in their operations, Electronic money institutions are a great alternative to traditional banks. They allow opening an account quicker, with fewer documents and without the need to physically come to this institution. By the largest extent, the terms EMI and electronic money apply to companies and products that offer electronic money transfers, and all the infrastructure around them. Licensed Electronic Money (EMI) Institution allows provision of all payment services in a much wider range compared with Payment Institution designed for instant payment processing.
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