As an authorised EMI, Vogogo has also established safeguarding accounts with a commercial bank based in Europe and transaction acquiring relationships with three banks based in Europe. Obtaining the EMI authorisation allows Vogogo to operate as an independent provider of payment processing, stored value, e-wallet, prepaid card and foreign exchange services in addition to providing related risk management services. The authorisation is issued for the UK and extends to the broader European Economic Area (EEA) through a cross-border services arrangement known as passporting.
The EMI authorisation requires that Vogogo has achieved and will maintain comprehensive corporate, financial and operational structures, practices, policies and procedures in accordance with the UKs Electronic Money Regulations directive and as authorised by the FCA.
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