Payment solutions experts, B4B Payments (B4B), celebrate approval to become an E-money institution and the launch of a new branch office in Vilnius, Lithuania. This follows on from the launch of the Boston branch in August 2020, the launch of its products in the USA and is another step completed in the strategic goal of B4B to widen their company reach on a global scale.
On Friday 28th August, the FCA authorised B4B to operate as an E-money Institution (EMI). The following week, B4B joined Mastercard as a principal member. This change in status will allow the company to issue their own cards and offer even more innovative prepaid business cards and payment solutions throughout Europe.
As an EMI, B4B Payments will take responsibility for and be able to issue electronic money in the form of prepaid cards for its business clients, which can then be used to make payments to third parties. This removes another supplier from its supply chain bringing faster decision making and an improved approach to product enhancements.
The Vilnius branch will cover all of B4B Payment’s customers in Europe, helping to Brexit-proof the company and the company is on track to receive a second EMI licence in Lithuania.
Dual authorisation as an E-money institution allows B4B Payments to provide their financial payment solutions to all territories in Europe. No matter what exit deal the UK secures with the EU, this approval will allow B4B Payments to continue to provide their high-quality services to businesses throughout Europe.
Paul Swinton, B4B Payments co-founder and CEO said: “This is undoubtedly an exciting time for us. We are taking the next step in our global expansion plan and have just been approved to become an E-money institution in one country and a second will shortly follow. We have also continued our long-established relationship with Mastercard by becoming a principal member. As we migrate all our European cardholders away from Wirecard Card Solutions onto our own licence we will ensure there is no impact to cardholders or our business customers. We are delighted to grow our company with our clients and look forward to offering more enhancements to our corporate payment solutions moving forward”
For over 14 years, B4B Payments have been leading the Fintech and prepaid solutions market, working with a global team to offer consistently innovative and flexible payment solutions that can help businesses manage their corporate expenses efficiently and easily.
Paul added, “I’d like to thank the hard work of the B4B Payments team who managed to make this all possible and our colleagues at Mastercard who have acted quickly and decisively to ensure that thousands of customers of Wirecard will not be further impacted. The passion of our company has enabled the first stages of our international expansion to be a huge success and I can’t wait to continue to share news of our success with our customers as we move forward.”
Opening a Lithuanian office is further proof of the forward-thinking nature of B4B Payments, who endeavour to bring the best payment processing solutions consistently to the market. Edoardo Volta, Head of Fintech, UK & Ireland, Mastercard commented “We are delighted to be expanding our relationship with B4B Payments as they continue to innovate in the commercial space. Our worldwide acceptance network and solid experience in the Fintech space will ensure we are able to support their global ambitions and future success.”