Payment and risk management experts, The ai Corporation’s (ai) and its suite of payment solutions, including machine learning risk management tools, have been granted an e-money licence by the UK Financial Conduct Authority (FCA).
The ai Corporation received formal approval for its e-money licence application from the FCA earlier this month, which will enable ai to provide fully FCA compliant financial services. The new licence means that ai is now regulated as an Electronic Money Institution (EMI), a change from its previous status as an authorised payments institution. The change is effective from 1st July 2017.
The FCA licence marks another significant milestone for ai, ensuring the business offers a full range of payment solutions. Dr Mark Goldspink, CEO of The ai Corporation, says: “The fact that The ai Corporation have been granted FCA approval is testament to robust security risk management tools and processes.
“Our e-money licence will give our clients greater confidence that our business has passed a high degree of scrutiny in achieving the licence and being FCA approved. Ensuring The ai Corporation is known as a regulated and well-managed business is very important to the team at ai”.
Dr Goldspink, then went on to share his view on the status of payment landscape and the approach that needs to be adopted, adding: “We believe The ai Corporation is extremely well positioned to take advantage of the omni-channel revolution that is going on in the business world today.
“We firmly believe our flexible payment solutions, and state of the art machine learning risk and fraud management tools, provide our customers a long term sustainable offering to take advantage of payment digitisation.”
Established in 2013, the Financial Conduct Authority is the conduct regulator for 56,000 financial services companies and financial markets in the UK and the prudential regulator for over 24,000 of those companies. With the financial markets needing to be honest, fair and effective for consumers, the FCA’s aim is to make markets work well for individuals, large and small businesses, and for the economy as a whole. To read more about the regulations governing EMIs, visit the Financial Conduct Authority (FCA) website.