We’ve been approved as an Electronic Money Institution by the FCA

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July has been an exciting month, not only has our team grown, our suite of machine learning solutions have granted us an e-money licence.

On the 1st of July, we received formal approval for our licence application from the Financial Conduct Authority (FCA), this will enable us to provide fully FCA compliant financial services to our Clients. It means that we are now regulated as an Electronic Money Institution (EMI) which is a change from our previous status as an authorised payments institution. The FCA licence marks another significant milestone for us, ensuring the business offers a full range of payment solutions.

Our CEO Dr Mark Goldspink says. “The fact that The ai Corporation have been granted FCA approval is testament to robust security risk management tools and processes. Our e-money licence will give our clients greater confidence that our business has passed a high degree of scrutiny in achieving the licence and being FCA approved. Ensuring The ai Corporation is known as a regulated and well-managed business is very important to the team at ai”.

Mark then went on to share his view on the status of the payment landscape and the approach that needs to be adopted, adding “We believe ai is extremely well positioned to take advantage of the omni-channel revolution that is going on in the business world today. We firmly believe our flexible payment solutions, and state of the art machine learning risk and fraud management tools, provide our customers a long term sustainable offering to take advantage of payment digitisation.”

Who are the FCA?

Established in 2013, the Financial Conduct Authority is the conduct regulator for 56,000 financial services companies and financial markets in the UK and the prudential regulator for over 24,000 of those companies. With the financial markets needing to be honest, fair and effective for consumers, the FCA’s aim is to make markets work well for individuals, large and small businesses, and for the economy as a whole. To read more about the regulations governing EMIs, visit the Financial Conduct Authority (FCA) website.

If you would like to talk further about our e-money licence, our team will be happy to help, simply call on 01483 661 240 or email info@aicorporation.com. You can also keep up to date with company news on Twitter or LinkedIn.

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