Ugne Βuraciene reveals plans for new platform and wider EMI licencing

payabl., one of Europe’s leading PayTechs, was recently granted an Electronic Money Institution licence (EMI licence) by the Central Bank of Cyprus (CBC), which will be passported throughout the EEA.

Following the exciting development, Ugne Buraciene, Group CEO, recently spoke to CBN about what this means for the company and its clients and what comes next.

payabl. is now able to offer EMI services in the EU having obtained the necessary license from the Central Bank of Cyprus. This follows the receipt of a UK EMI authorisation from the rigorous FCA in 2023. What opportunities does this milestone unlock for payabl.'s expansion within the EU bloc?

The EMI license allows us to enhance our already comprehensive payment services and electronic money services in the European Economic Area (EEA). Building on our previous Payment Institution (PI) license from the Central Bank of Cyprus, the new license we operate under enables us to offer a more comprehensive range of services to merchants, fostering growth and innovation in the ever-changing EU payments ecosystem.

What new products are slated for introduction to bolster EMI services in the EU, and what benchmarks have been set for expanding the merchant roster?

Our focus currently is to roll out payabl.one, which brings together all aspects of payments and banking management in a single dashboard. This means that merchants can conveniently manage their payments, activate new products, and access comprehensive reporting and insights using just one authentication and API. In addition to payabl.one, we are committed to continuously improving our product suite. We are investing in cutting-edge technology to enhance security, speed, and efficiency, allowing us to offer new innovative solutions to customers. We are also optimising payments interfaces, introducing user-friendly features, and doubling down on the overall user experience to enhance our banking, acquiring, and other services.

Amidst industry discussions surrounding the transformative potential of Artificial Intelligence (AI) in payment institutions and EMIs, what do you perceive as the most promising applications of this technology? Furthermore, are there plans to integrate AI tools into payabl.’s operations?

The potential of technologies like AI cannot be denied, especially in simplifying APIs, streamlining integrations, and enhancing fraud monitoring. Future technological advancements should focus on addressing legacy frameworks, particularly among established providers, while newer players benefit from agility through modern infrastructures. The key transformation involves moving away from outdated systems to more flexible frameworks. Practical application of AI, particularly in transaction monitoring and fraud detection, is crucial, emphasising the need for secure implementation. The overarching goal for providers is to facilitate a smoother and faster onboarding process for merchants, aligning with the industry's emphasis on efficiency and speed.

What’s the next steps for payabl. in the evolving payments landscape?

Our aim is to continue our growth trajectory and expand our global footprint. We’re pursuing an EMI license in the Netherlands and exploring other markets. We’re committed to building on our diverse and skilled team and always offer cutting-edge tech and best-in-class customer service to our merchants. payabl.one will have a massive impact on the European and UK payments landscape, enabling merchants to access all their payments and banking needs within one single platform, with an array of new services on demand.

Also read: payabl. cements European growth with EMI licence