PayAccept Plans on Building an EMI


Creating an enabling and effective platform for digital assets and fiat currencies, which can fully support transactions based on these media, is the vision of PayAccept. This vision creates the need for the network to become an Electronic Money Institute (EMI). Developing the network to be an EMI and a verified financial institute will allow it to manage numerous transactions and payments made between fiat and crypto assets without the interference of conventional banking systems for payment processing. The purpose of building an EMI is in tandem with the primary objective of the PayAccept network.

Why Build an EMI?


The creation of EMI will enable PayAccept to solidify its operations and extend its services over a long period, as the functions of the EMI will be in high demand in business and economy. In terms of global transactions, this will allow them to create and allocate international bank accounts to their clients, for saving their fiat monies. More so, it will offer the management team the capacity to build a discrete trust that can allow secure storage and backup of assets, which will help to maintain the value of the assets. The listing and offering of multiple fiat currencies will also be possible with the building of an EMI, clients can access their funds in some of the popular currencies such as USD, EUR, GBP, and CNY.
As a payment platform for both fiat and digital assets, PayAccept will also offer support for the top and most widely used cryptocurrencies, especially Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dash. An EMI will enable the PayAccept to introduce new gateways that will facilitate liquidity by eliminating the interference of the third party in exchanges. These gateways will also serve as a means for traditional banking institutions to incorporate digital wallet systems into their operations and platforms seamlessly, thereby promoting the network operations and services.
For an effective and successful creation of an Electronic Money Institute, there are basic product groups of PayAccept that should be addressed. They include:
An Electronic Money Institute (EMI) is entirely a different entity of any business or payment platform. Building an EMI will require a huge capital investment that will cover the requirements to create one. PayAccept will also require the capital to be able to obtain valid licenses to operate as an EMI.


Regulations and Licensing
This is an integral and paramount aspect of developing an EMI for a payment platform. PayAccept can neither build nor operate an EMI without obtaining the proper valid licenses that give it the authority. It is also important to draft regulations that will govern the functions and services available on the EMI to ensure total compliance from investors, partners, and users. This will also present them as a network with a solid framework that supports fiat and digital assets.
Payment Processing and Clearing Technology
PayAccept may also need to consummate the processing of payments and clearing technology of transactions on its network to operate an EMI. Building a network architecture that oversees the initiation and successful completion of transactions is mandatory to ensure a smooth running EMI and they are already achieving that and will apply more strategic efforts to improve such functionality.

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