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How to successfully become an EMD agent

Becoming an EMD agent means working for a principal firm – someone holding the electronic money institution licence. This enables firms to work underneath such firms as an agent.

Benefits of becoming an EMD agent

- Launch your services in a quicker time

- Compliance is managed by the principal firm

- Can be a cost-effective way of testing a product or service

Disadvantages of becoming an EMD agent

- Branding can be limited

- Less overall control

- Company value will be lower without your own licence

- Can be detrimental when raising funds I.e. crowdfunding or VCs

Key things to consider in becoming an EMD agent

1. Ensure that the principal firm has the correct licences

If you wish to provide your services across Europe and the UK, you should check that they have electronic money institution licences in both the UK and in Europe. Furthermore, if your business model involves providing regulated cryptocurrency services, then you should ensure that the principal firm has adequate and correct levels of licencing in the country you wish to provide your service.

2. Understand the principal firm’s pricing model

You should ensure that you fully understand the principal firm’s fees and charge structure. This includes any upfront fees, monthly fees, fees for onboarding and transaction-related fees e.g. SEPA payments.

3. Assess the principal firm's past performance

You will find that principal firms that are new to offering the EMD agency service may have a higher level of service downtime and technical issues. You should check that they themselves are working with a leading, trusted and reliable providers as part of their own infrastructure.

4. Check that the principal firm has good support and a technical team

A good technical team will ensure that any technical issues will be addressed early on and minimise any downtime. You should therefore check that the principal firm has an adequate line of reporting internally.

5. Confirm who will provide customer support

You should ensure that you are clear with your understanding of how customer support will be provided. Usually, the principal firm will provide the second line of support and you will be expected to manage the first line of customer support.

How Matis can help

Matis is a leading payment and e-money consulting firm. We enable businesses to provide payments such as issuing debit cards and processing payments and issuing e-money, such as prepaid cards and electronic wallets. Our services are delivered and led by a team of experts, who are passionate and care about the work they do.

We can advise businesses on how best to go about choosing a suitable principal firm to become an EMD agent with. We can also help prepare all the required documents and paperwork as part of your sign-up procedure. Send an email to to discuss your plans further.

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