Outpayce Obtains eMoney Licence from the Bank of Spain

Outpayce secures an eMoney institution (EMI) license from the Bank of Spain, paving the way for streamlined travel payments and digital banking services. Explore how this regulatory approval enhances Outpayce’s fintech solutions and shapes the future of travel payments.

Outpayce, an initiative launched last year to transform Amadeus’ travel payments business, has recently been granted an eMoney institution (EMI) license by the Bank of Spain, marking a significant milestone in its journey.

With this eMoney issuer license, Outpayce gains the authority to offer regulated payment services in Spain, including accepting customer funds, issuing pre-paid debit cards, and facilitating fund transfers on payment accounts. Moreover, the company aims to expand its services across the European Union in the near future.

Outpayce plans to leverage its newfound capabilities to streamline travel payments across various sectors. For instance, it intends to introduce pre-paid virtual cards, issued by Outpayce, for use across travel agency booking systems and corporate self-booking tools, enabling seamless transactions with providers like airlines and hotels. Additionally, these virtual cards will empower business travelers to conveniently cover on-trip expenses such as taxis or meals using their digital wallets.

By offering pre-paid debit cards, Outpayce aims to enhance the payments experience while fostering tighter integration with travel booking systems, thereby providing travel companies with enhanced flexibility.

David Doctor, CEO of Outpayce, expressed his enthusiasm, stating, “Becoming a licensed entity marks a significant milestone in our quest to simplify payments within the travel industry. With regulatory approval to issue cards, coupled with our ongoing development of a modern FinTech stack on the Microsoft Azure cloud, and plans to collaborate with leading financial institutions and innovative start-ups, Outpayce is poised to revolutionize the travel payments experience. This move aligns with Outpayce’s commitment to an open payments platform, enabling seamless connections with Amadeus’ travel customers. With core banking operations in the cloud and the eMoney license in hand, we are one step closer to realizing Outpayce’s vision of delivering a seamless and interconnected travel payments experience to travelers.”

Presently, Outpayce offers payer services to assist travel sellers in making B2B payments to airlines and hotels using modern methods like virtual cards through its B2B Wallet solution. Furthermore, in collaboration with third parties, the company facilitates merchants such as airlines and travel sellers in accepting a wide range of card and local payment methods across various channels, including websites, mobile apps, call centers, and physical touchpoints like check-in desks.