Lawyer
Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.
Opening an account in payment systems
In recent years, payment systems and EMI (Electronic Money Institutions) have become a full-fledged alternative to traditional banks for international business. In many cases, opening an account in a payment system is faster, simpler and cheaper than in a classic bank, especially when it comes to companies with international activity.
Today, accounts in payment systems are actively used by IT companies, e-commerce businesses, marketing agencies, international trading companies, fintech projects and startups. Such solutions allow receiving and making international payments, working with several currencies and integrating modern payment tools without the need to go through complex banking procedures.
At the same time, successful account opening depends on the correct choice of payment system and quality preparation for a compliance check.
How a payment system differs from a bank
Many entrepreneurs mistakenly believe that a payment system and a bank are the same thing. In fact, EMI and fintech providers operate under a different regulatory model and often offer more flexible solutions for business.
The main advantages of payment systems are:
- faster account opening;
- remote onboarding procedure;
- multi-currency accounts;
- lower requirements for minimum turnover;
- integration with international payment services.
For many international companies, an EMI account becomes the first step toward building a full-fledged financial infrastructure. Such solutions are especially relevant for companies that work with clients in different countries and need fast international settlements.
What businesses most often use EMI accounts
Payment systems do not work with all categories of clients in the same way. Each provider has its own risk policy and specialization.
Accounts are most often opened by:
- IT and software development companies;
- SaaS projects;
- e-commerce businesses;
- consulting companies;
- international agencies;
- trading companies;
- startups at early stages of development.
For fintech, crypto, iGaming and other high-risk areas, a separate approach and careful provider selection are required, since not all payment systems are ready to work with such clients. That is why preliminary analysis of the business model is critically important even before submitting an application.
| Business category | Approval probability | Check specifics |
|---|---|---|
| IT company | High | Standard KYC |
| SaaS | High | Product analysis |
| E-commerce | Medium | Merchant model check |
| Fintech | Medium | Enhanced AML |
| Crypto | Low | Enhanced Due Diligence |
Why payment systems refuse to open accounts
Despite a more flexible approach compared to banks, EMI providers also conduct full AML and KYC checks. The most common reasons for refusals are:
- insufficient description of the business model;
- absence of a website or online presence;
- unconfirmed source of funds;
- high-risk type of activity;
- complex ownership structure.
In practice, many refusals are related not to the business itself, but to insufficiently prepared documents. For example, a company may be fully legal, but due to an incorrect description of activity or absence of necessary confirmations, the compliance service makes a negative decision. That is why professional preparation significantly increases the chances of successful onboarding.
How “Prikhodko and Partners” helps open an account in a payment system
The team of “Prikhodko and Partners” supports account opening in leading payment systems and EMI providers in Europe, the United Kingdom, Canada and other international jurisdictions.
Before starting work, we analyze the client’s business model, geography of activity, company structure and future financial flows. This allows choosing exactly the EMI provider that best meets the business needs and is ready to work with the relevant category of clients.
The specialists of “Prikhodko and Partners” help prepare the company’s corporate profile, AML/KYC package, business model description, confirmation of the source of funds and other documents necessary for onboarding.
Especially valuable is our experience working with international IT companies, fintech projects, e-commerce businesses and startups, which often face complex compliance requirements when opening accounts. Thanks to a comprehensive approach, we help not only obtain approval from the payment system, but also build stable financial infrastructure for the company’s international development.
If your international business needs quick opening of a corporate account without unnecessary bureaucracy, the team of the law company “Prikhodko and Partners” is ready to take over the entire process of interaction with EMI providers and compliance. Leave a request, and we will select the optimal payment system for your business model.
Calculate the cost of services
1 question
Do you need to receive and make payments in different foreign currencies?
2 question
Are you planning to integrate modern tools for accepting online payments from clients into your website?
3 question
Have you previously faced refusals or lengthy document checks in classic banks?
Can an account in a payment system be used instead of a bank account?
In many cases, yes. EMI accounts allow receiving and making international payments, but certain operations may require a bank account depending on the jurisdiction and type of activity.
How long does it take to open an account?
Usually, the procedure takes from several days to several weeks depending on the provider, business structure and complexity of the compliance check.
Do payment systems work with international companies?
Yes. Most modern EMI providers specialize specifically in servicing international business and companies that operate in several countries simultaneously.
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