Bank of Spain grants Amadeus’ Outpayce EMI licence
Outpayce, the travel payments business of Spanish IT group Amadeus, has obtained an Electronic Money Institution (EMI) licence from the Bank of Spain and can now offer regulated payment services.
Outpayce granted EMI from Bank of Spain
The licencing enables the fintech to accept customer funds, issue pre-paid debit cards and facilitate money transfers between payment accounts; services it intends to extend across the EU.
Outpayce says that with the EMI approval, it will “soon be possible” to use Outpayce-issued pre-paid virtual cards across corporate self-booking tools and travel agency booking systems, to make payments to providers such as airlines and hotels.
In addition to its new card issuing capabilities, David Doctor, CEO of Outpayce, hints that the fintech is building a “modern fintech stack natively in the Microsoft Azure cloud”, with plans to partner with an “increased number” of financial institutions and start-ups.
Launched last year, Outpayce offers payment solutions that assist travel merchants in making B2B payments to airlines and hotels. It claims to provide the necessary infrastructure to enable travel sellers to “accept the widest range of card and local payment methods” via mobile, call centres, websites and physical touchpoints such as check-in desks.
