What does onboarding mean?

Onboarding refers to the actions you take on your way to receiving a service. To open a Bilderlings account and make use of the fintech platform’s other advantages, you should sign up, submit the necessary documents, and access the system. The entire journey is now much simpler, faster and more convenient than ever before.

What advantages does online onboarding provide?

• Immediate system access upon registration. This is a demo version of your current account – familiarise yourself with the interface before an account is opened.
• In demo access mode, you can already start receiving internal payments.
• The main advantage of online onboarding is the speed with which your account is opened. If there are no issues with your documents, we will automatically grant account access in just a few minutes.

What affects the time it takes to open an account?

Here are a few suggestions to speed up your account opening process:

1) It is better to take a photo than to scan a document. Scanned images unfortunately often happen to be in poor quality, which means we will have to ask you to resubmit the affected document.

2) Identical spelling of your name and surname in each document. Your personal data should be spelled out in Latin script and perfectly match the spelling indicated in your passport.

3) The address on your utility bill should correspond to the address of your place of residence, and the personal data in the invoice should match the spelling on your identity document (passport or ID card).

If all data have been provided without issue, you will be able to use the current account within minutes! If you have not been granted account access immediately, don’t worry – some information just needs to be double-checked. We will set up your account within 1-2 days.

What about online onboarding for legal entities?

This will also be available soon. Businesses do require more documents than individuals, so we want to take time and get our automatic onboarding implementation right. We hope to launch it in several months.

Bilderlings is a British fintech providing financial services since 2015. A current account with Bilderlings is available to individuals and legal entities. With a dedicated IBAN it enables GBP, EUR and USD transfers to 150+ countries, supporting SWIFT, SEPA, FPS and Chaps, currency exchange, Mastercard, and you will have a dedicated manager assigned to your account.

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EMI (Electronic Money Institution) is the most comprehensive license for electronic money transactions. Electronic wallets, payment services work under this license. The main types of services of companies working with an EMI license are opening a current account, money transfers and conversion.

1.  The Very First

The first EMI license was issued in 2010 in Luxembourg. In total, there are currently 8 EMI licenses issued in Luxembourg.

2. Number of the Year

To date (May 2020) 387 EMI licenses have been registered, 18 of which already this year, including “quarantine months” (8 in the UK, 3 in Lithuania and 1 each in Malta, the Netherlands, Spain, Italy, Bulgaria, Norway and Poland).

3. The Most Experienced

The top 6 leaders in terms of the number of EMI issued are as follows:

• Great Britain (177),
• Lithuania (60),
• Malta (17),
• France (14),
• Cyprus (13),
• Ireland (12).

Please note that the UK accounts are almost half of all European EMIs, 16% of EMI companies are concentrated in Lithuania, and the remaining countries account for less than 5%.

4. “The EMIest”

The peak of the popularity of EMI licenses fell in 2018, when 205 licenses were issued, i.e., 10 times more than during the previous year.

5. The Most Progressive

The jurisdiction that issued the most number of licenses in one calendar year is the United Kingdom, which issued as many as 143 licenses in 2018.

6. Newcomers

Companies involved in the issue of electronic money started gaining popularity in 2017. This has inspired many countries to begin issuing EMI licenses in their jurisdictions. (Perhaps the “newcomers” will show greater zeal in arranging infrastructure for financial technologies to compete with other countries.)

Countries that started issuing EMI licenses after 2018 are Estonia, Finland, Germany, Greece, Ireland, Italy, the Netherlands, Slovakia, Slovenia, Spain, Sweden.

7. Steep Turns

Interest in the electronic money industry can be found by examining the dynamics of licensing in different countries.

Top jurisdictions that are most actively and dynamically increasing the number of EMI licenses under their regulation are England, Lithuania, Ireland.

• In England, over the previous 5 years, only 1 EMI license was issued, and in 2018, as many as 143.
• In Lithuania in 2016, only 2 EMI licenses were issued, already 14 of them in 2017, and 21 in 2018.
• In Ireland, until 2018, there were no EMI licenses; in 2018, 2 were issued, and in 2019 already 10.

8. The Most Systematic

If some jurisdictions drew attention to EMI only after an explosive interest in 2018, many states systematically work with this type of license, issuing them almost every year – though little by little.

• Malta – 9 years in a row
• France – 7 years in a row
• Lithuania – 7 years (over 10)
• Luxembourg – 6 years (over 10)
• Liechtenstein – 5 years (over 8 years)

9. Canceled

In total, according to the study, 4 EMI licenses were canceled – in the Czech Republic, Germany, Latvia and Malta. It is noteworthy that the licenses were canceled in all countries in 2019.

10. Zero-EMI

Countries where no EMI licenses have been registered yet:

• Austria,
• Iceland,
• Norway,
• Poland.*

* while the text was being prepared for publication, Poland managed to issue its first ever EMI license! We mentioned this in paragraph 2, but we want to emphasize that until April 2020, full EMI licenses had not been issued in Poland.

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