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Accounts and payments

IBANs, payment schemes and transfers.

Verification and compliance

How we verify companies and people.

Crypto-assets

Stablecoins and fiat-to-crypto conversion.

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Accounts and payments

Terms related to your account, IBANs and how payments are made.
The person or company you send a payment to. You save a beneficiary once and reuse it for future payments.
An international code that identifies a payment service provider. Required for most SWIFT transfers.
An IBAN issued in your company’s name and used only for your company’s own funds. Payments sent to it are credited to your EMIDPAY account.
The UK domestic payment scheme for GBP. Payments are usually received within minutes.
Converting funds from one currency to another, for example from EUR to GBP.
International Bank Account Number. A standard format for account identifiers used for payments in Europe and many other countries.
The pricing package attached to your account. It defines fees and limits.
Single Euro Payments Area. The payment scheme for EUR transfers between countries in the EU, the EEA and several other European countries.
The global network used for international payments, including payments in currencies and to countries not covered by SEPA or Faster Payments.

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Verification and compliance

Terms you will see during the application and the compliance review.
A person registered as a member of the company’s management board. At least one director or an authorised representative must verify their identity during onboarding.
A request from our compliance team for additional documents or details about your company or a payment.
The process of verifying a company: its registration, ownership, management and business activity.
The process of verifying the identity of a person, such as a director or beneficial owner.
A person who holds or has held a prominent public function, or their family member or close associate. PEPs are subject to additional checks.
A person who ultimately owns or controls a company, directly or indirectly, typically through more than 25% of shares or voting rights, or through control by other means.

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Crypto-assets

Terms related to converting funds between fiat currencies and crypto-assets.
A company authorised to provide services related to crypto-assets, such as exchange or custody. EMIDPAY uses authorised providers for fiat-to-crypto conversion.
Converting crypto-assets, usually stablecoins, into fiat currency.
Converting fiat currency into crypto-assets, usually stablecoins.
A crypto-asset designed to keep a stable value against a fiat currency, such as USD or EUR.

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Missing a term?

If a term is not explained here, contact us and we will add it.