A small EMI lives inside two caps written in euros: EUR 5 million of average outstanding e-money and EUR 3 million a month in payment transactions. Your wallet ledger already holds the end-of-day balances the first figure is built from, so you see the cap coming long before the FCA does.
Global business accounts, multi-currency payments and cross-border solutions, supported by Crassula APIs and BaaS connections.
Read case study: Multipass
Account details, SEPA payments, card issuing, KYC onboarding and multi-currency exchange in one financial product.
Read case study: LuxPayGBP balances issued at par when money arrives and paid back at par whenever the customer asks, with available and reserved amounts shown separately in the app.
Each customer gets named account details through your safeguarding and rails provider, so a Faster Payments top-up lands on the right wallet without anyone matching it by hand.
Customers find each other by phone number, email or account number and pay instantly inside your system, confirming each payment with a second factor.
Up to six verification levels, from unverified upwards, each with its own client limits, so a new user can try the wallet with small amounts while identity checks run.
Move money from the wallet onto a card and back again, with a dry run that shows the result first. You contract the card issuer, the platform runs the card.
Each requirement, what the platform gives you for it and who owns it after launch.
Architecture, hosting, access roles, two-factor login and the audit trail, written up for the IT and security sections.
Crassula drafts, you adoptTotal wallet balances at the end of each day, exported so finance can work out the six-month average on the first of every month.
Your finance team, on platform dataMonthly exports of payment volumes, with wallet-to-wallet payments, top-ups and withdrawals split out.
Your finance team, on platform dataWhat you owe each wallet holder at any moment, exported for comparison with the balance in your safeguarding account.
Your safeguarding officerA history of daily safeguarded totals, which shows whether you stayed under GBP 100,000 for 53 weeks, and an audit trail for the auditor if you did not.
You and your auditorWithdrawals to the customer's own bank account from the app, each recorded on the ledger with its timestamp.
Shared with your rails providerOnboarding questionnaires, identity checks through connected verification providers, verification levels and limits per level.
Your MLROService description, audit and access rights, and data export if you ever move the wallet to another platform.
You, with our inputRails your customers can use
UK clearing bank offering EMIs safeguarding accounts, virtual accounts for each customer and direct access to Faster Payments and Bacs.
FCA-authorised EMI that gives regulated firms GBP accounts, named virtual IBANs for their customers and UK payment rails.
Rules that change what you have to build, in the order they apply.
CASS 15 applies to small EMIs in full, with the same daily reconciliation and monthly return as authorised EMIs.
Recalculate average outstanding e-money: the average of end-of-day e-money over the previous six months, applied for that month.
Deadline for the monthly safeguarding return to the FCA. There is no lighter version for small firms.
Small EMI registration is lighter than full authorisation, but the FCA still checks your systems, your safeguarding and your governance. We give you a working wallet and the technical write-up, and your advisers take care of the rest of the file.
Talk to us about your applicationCrassula provides technology and documentation support. We do not provide legal or regulatory advice and cannot guarantee the outcome of an application.
A configured environment to show the regulator, not slides.
System and security description, outsourcing and continuity sections, and how the platform supports your safeguarding measures.
Safeguarding accounts and Faster Payments through partners including ClearBank and Clear Junction.
Picture a Manchester team building a wallet for students who split rent and bills. They register as a small EMI, because the projections stay far below EUR 5 million of e-money for the first years, and we launch the wallet in their brand with Faster Payments top-ups and instant payments between friends.
New users start at the lowest verification level with tight limits and move up once their ID check clears. Every month the finance lead takes the end-of-day totals from the platform and updates the six-month average. When it passes EUR 3 million, the team starts its application for full EMI authorisation, and the wallet stays on the same platform throughout.
For the rules behind the caps, read our UK small EMI and small PI guide and the CASS 15 safeguarding guide.
The questions teams ask us before a first call.
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