EMI Banking white label

[Footprint]

Hi,

Hope someone can point us in the right direction. We are looking for a white label banking solution in the EU that will enable us to open bank accounts with debit cards for our 2500 employees who are based in the UK. We don't want the hassle getting our own EMI as our main priority is to get these thousands of account opened in the next month or so. They will have to be in GBP and the transfer fees need to be competitive. I was quoted by one company 35 euros per transfer which is crazy as we make thousands of these per weeks. We would also be willing to move our corporate account over to make things easier.

 

[Sols]

Why? What are you trying to solve?

Unless you're a financial institution, you are going to need to show KYC for all 2,500 customers and they will all need to be screened like any new applicant. Doubtful that can be done inside a "month or so". Not to mention all the work required to set up and design/configure/test/launch the whitelabel.

That said, have you spoken with solarisBank?

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This is the probably the answer to your question.

 

[Footprint]

ok thanks I will take a look at solaris now.

 

[Footprint]

Sols said:
solarisBank
Click to expand...

Do you work for Solaris? Do you know someone that I could speak to?

 

[Samuel Newman]

so, you need an EMI, where you can open accounts for all your employees and pay salary to them with low fees?

no need to buy white label for that, you only need to find EMI, which will suit your needs

Transferwise, Revolut, Leopay support GBP

 

[Sols]

Footprint said:
Do you work for Solaris? Do you know someone that I could speak to?
Click to expand...

I don't work for solarisBank but it shouldn't be too hard to find someone there to speak to by dropping them a message or calling. Have always found them responsive.

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This is the probably the answer to your question.

 

[lookingforward]

You dont need whitelabel for that, contact Revolut, Transferwise, they will be able to provide you with that.

Whitelabel means to own emi banking system and will cost a lot

 

[Martin Everson]

Footprint said:
We don't want the hassle getting our own EMI as our main priority is to get these thousands of account opened in the next month or so.
Click to expand...

Try PFS's iban card service. That is all service providers like Veritascard are using and charging a ridiculous markup. You get a card for your employees that comes with its own unique iban for SEPA transfers inbound and outbound.

https://prepaidfinancialservices.com/en/current-accounts
2500 employees eek¤%& you must be in the construction industry with migrant workers.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[fshore]

Non of your 2500 UK resident employees have bank accounts?

 

[Mark Rucken]

2500 employees to open accounts with EMI? Given that these days EMIs come and go on a weekly basis and OFTEN block funds and change policies, my personal opinion is to give up on that idea ... it is a disaster in the making.

 

[Bmw850]

Sorry to be always suspicious , but it s sounds weird.
Anyway 2500 accounts for an Emi it s not a little. Fast you will never do, white label or not you must fill KYC and provide documents for each accounts, and then they will do their compliance check.
Then you will have to go through video call, skype call or any system to check id x 2500.
I think the best way ( fastest ) is to negociate a unique iban and then through the 2500 under.
Concerning the cards, go for a virtual card and not physical, again will be faster and easier.
Or
Go for an Emi that provide dedicated iban under your main account, once i checked the possibility, it s costly because they asked for 2.5 or 3 euros per iban + the initial set up.

 

[daxbr]

Sols said:
Why? What are you trying to solve?
(...)
Not to mention all the work required to set up and design/configure/test/launch the whitelabel.
(...)
Click to expand...

Sounds like it is essential to him to retain account opening process.

 

[TurnedToRobot]

Why don't you ask your local bank to help you. Usually they are much cheaper compared to anything you can find online. If you have that many employees in your company then such a company would not be on this forum I believe 😵

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[life]

check out c3card.com

 

[jafo]

Martin Everson said:
Try PFS's iban card service. That is all service providers like Veritascard are using and charging a ridiculous markup. You get a card for your employees that comes with its own unique iban for SEPA transfers inbound and outbound.

https://prepaidfinancialservices.com/en/current-accounts
2500 employees eek¤%& you must be in the construction industry with migrant workers.
Click to expand...

Martin,

Is there a similar system for the US market?

 

[Martin Everson]

jafo said:
Martin,

Is there a similar system for the US market?
Click to expand...

What specifically would you be after?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[jafo]

Martin Everson said:
What specifically would you be after?
Click to expand...

This: https://www.offshorecorptalk.com/th...t-reloadable-debit-cards-for-employees.42032/