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Core banking for UK e-money institutions

Run your e-money business on a real-time ledger that knows what you owe each customer at any moment. That is the number the FCA asks you to reconcile every day since CASS 15 came into force.

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Case Studies

See what teams build with Crassula.

Core Banking · EMI

What you can launch as an authorised EMI

E-money accounts

GBP and multi-currency accounts for consumers and businesses, each with current, reserved and available balances on the same ledger.

Payments in and out

Faster Payments, Bacs and CHAPS at home, plus SEPA and SWIFT for customers who send money abroad, all posting to the ledger as they settle.

Virtual IBANs and sort codes

Named account details for each customer through your safeguarding and rails provider, so incoming money lands on the right balance without manual matching.

Cards

Debit and prepaid cards linked to e-money balances. You contract the issuing processor, the platform runs limits, freezes and card controls.

Currency exchange

Spot FX between customer balances with your own mark-ups set in price lists, not in code.

Business accounts

Company onboarding, several users per account with roles, batch payments and approvals.

What this licence does not cover

  • Deposit taking. E-money is not a deposit and is not covered by the FSCS, so your app and terms must say so.
  • Paying interest on e-money balances.
  • Lending out of safeguarded customer funds. Credit is only possible as an ancillary service, funded separately.
Your market

What the regulator asks about your IT

Each requirement, what the platform gives you for it and who owns it after launch.

1Description of IT systems and security policy

Architecture, data flows, hosting and the security controls the platform runs (access roles, 2FA, audit trail), written up for your application.

Crassula drafts, you adopt
2Business continuity and incident handling

Recovery set-up, backups and our incident process as your technology provider, to slot into your own plan.

Shared
3Outsourcing arrangements

Description of the service, contract terms, audit and access rights, and exit support if you ever move off the platform.

You, with our input
4Safeguarding under CASS 15: daily reconciliation and monthly return

A ledger that shows what is owed to each customer at any time, with exports to reconcile against your safeguarding account.

Your finance team, on platform data
5Wind-down plan and resolution pack

Customer-level balances and transaction history that can be pulled quickly if the firm has to return funds.

You, with platform data
6Operational resilience: important business services and third parties

A map of the platform's components and the providers behind them, so you can set impact tolerances.

You, with our input
7Customer due diligence under the Money Laundering Regulations

Onboarding questionnaires by client type, identity checks through connected verification providers, client limits.

Your MLRO
8Strong customer authentication

SCA and 2FA built into the web and mobile apps.

Crassula
United Kingdom

Payment rails and providers

Rails your customers can use

Faster PaymentsBacsCHAPSSEPASEPA InstantSWIFT

ClearBank

UK clearing bank with safeguarded customer accounts and virtual accounts for EMIs, and direct access to Faster Payments, Bacs, CHAPS and SEPA.

Clear Junction

FCA-authorised EMI providing regulated firms with GBP and EUR accounts, named virtual IBANs and UK and EU payment rails.

24/7real-time processing, no batch window
60+payment and provider integrations connected
150+companies run on Crassula
15+languages the platform speaks
United Kingdom

Dates to plan around

Rules that change what you have to build, in the order they apply.

  1. 7 May 2026

    CASS 15 safeguarding rules in force: daily reconciliation, a monthly safeguarding return and annual safeguarding audits.

  2. 28 Feb 2027

    The FCA's application window for the new UK cryptoasset regime closes. Relevant if you plan to add crypto to an e-money app.

  3. 25 Oct 2027

    The UK cryptoasset regime goes live. Firms without authorisation cannot offer in-scope crypto services.

EMI

Applying to the FCA as an EMI? Name us in your application.

The FCA wants to see the systems behind your business before it authorises it. We give you a live platform and the technical documentation to prove it, while your legal advisers handle the rest.

Talk to us about your application

Crassula provides technology and documentation support. We do not provide legal or regulatory advice and cannot guarantee the outcome of an application.

  1. 01

    A platform you can demonstrate

    A configured environment to show the regulator, not slides.

  2. 02

    The technical part of your application, prepared

    IT systems, outsourcing, business continuity and security sections of your FCA application.

  3. 03

    Providers lined up

    Safeguarding and payment rails through partners including ClearBank and Clear Junction.

A financial product team working together in a studio.
Core Banking

How a launch usually runs

Take a team in London building a multi-currency account for freelancers. Before they file with the FCA, we set up a working environment in their brand and write the technical sections of the application with them: system description, outsourcing, continuity and security.

While the FCA reviews the file, the same environment is connected to the safeguarding and rails provider they picked, and the finance team rehearses the daily reconciliation on test data. When authorisation comes through, they go live on the platform the regulator already saw.

Want the regulatory background first? Read our UK EMI licence guide and the CASS 15 safeguarding guide.

Guides

Read the licence guides

Explore all guidesLicensing, payments, cards and core banking, explained by our team.
United Kingdom · EMI

FAQ

The questions teams ask us before a first call.

Not covered here?Bring your question to a demo with our team.
Can we name Crassula in our FCA application?
Yes. We act as your technology provider, and the FCA expects you to describe that arrangement in the outsourcing and IT sections. We prepare the technical material and show the live environment if the FCA asks to see it.
How does the platform help with CASS 15 safeguarding?
The ledger always knows how much e-money you owe each customer. That figure is the starting point of the daily internal reconciliation, and it is exported to compare against your safeguarding account. Your finance team runs the reconciliation and signs it off.
How long does FCA authorisation as an EMI take?
The FCA has three months to decide on a complete application and twelve months on an incomplete one. In practice reviews often run longer, so most teams build the product in parallel and launch on the day they are authorised.
How much capital does a UK authorised EMI need?
At least EUR 350,000 of initial capital, plus own funds that grow with the e-money you have outstanding. Small EMIs follow lighter rules. Our small EMI and PI guide explains the difference.
Do we need our own EMI licence to use Crassula?
No. Many clients start on a licensed partner and apply for their own licence later. This page is for teams that hold an FCA EMI authorisation or are applying for one.
Core Banking

Explore your launch market

United Kingdom · EMI

What you can launch as an authorised EMI

Tell us your licence and country. We will map the rails, providers and documents you need.

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Know what you payOne setup fee and a monthly plan with accounts and transactions included.See pricing → Start with the APIDocumented endpoints for accounts, payments, cards and customers.Explore the API →
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