EM Accounts

ℹ️ Reserved exclusively for EMD Intermediaries and their sub-merchants.

EM (Electronic Money) accounts are used to store and exchange funds in a CUSTOM currency (a currency dedicated to an EMD Intermediary). An EMD Intermediary may request the creation of EM accounts for the sub-merchants in its network and then carry out EM fund transfers between these accounts.

The holder of an EM account may only receive payments and use their electronic money through the EMD Intermediary. However, they may request a refund of their electronic money at any time and will receive their funds in an ISO currency: either to their bank account via SEPA transfer, or to their bank card, depending on their account settings.

You can view the details of your EM accounts via the following access points:

1. Usage

EM accounts are mainly used to enable individuals to easily receive and exchange funds in the following contexts:

• C2C marketplaces for products or services
• Storage and use of gift values within a network of independent merchants

2. Specifics

The CMF (Monetary and Financial Code) sets out specific conditions for electronic money. As such, there are two types of EM accounts at CentralPay:

• Anonymous EM account: This account may be opened without verifying the holder’s identity, provided it is issued to an individual and is limited to a balance or collections of €150 over 30 days. This type of account is particularly useful for occasional use by its holder, or simply to simplify onboarding with the EMD Intermediary.
• Verified EM account: An anonymous account may subsequently be verified by CentralPay’s compliance teams (KYC procedure) to increase the limits imposed on it; it then becomes “verified”.

3. Creating EM accounts

If you are a CentralPay EMD Intermediary, you can request the creation of EM accounts for your sub-merchants.