CoinCorner is now able to offer our customers the option of opening an eMoney account that will be linked to your CoinCorner account. But what exactly is an eMoney account?
An eMoney account exists purely in digital form. The account is managed entirely through your CoinCorner account on our app or web page, meaning you never handle any cash. With our GBP accounts you will have a six digit sort code and unique eight digit account number and the account will operate on the UK Faster Payments Service (FPS) network. With our EUR accounts you will have an IBAN and BIC and these will operate on the SEPA network.
At present customers are only able to send and receive to and from accounts in their own name. However in future we will offer send/receive functionality to third parties as well as a linked Visa debit card.
How does an eMoney account differ from a regular bank account?
Our eMoney accounts are provided in partnership with Modulr* who are an eMoney Institute (EMI). An EMI is an organisation that has been authorised by the regulator to issue electronic money and eMoney accounts.
One of the main differences between an EMI and a bank is that a bank lends money, whereas an EMI is prohibited from lending. Specifically, banks receive deposits from customers that they use to lend money out and make a profit on the difference. By contrast, an EMI holds 100% of client funds at all times, does not lend any customer funds or offer interest on balances. Our payment services however are regulated by the same payments regulations that apply to banks.
You can read more on how your money is protected within an eMoney account here.
Have any questions? Get in touch!