Solaris Banking License
Full banking or electronic money license: What are the differences?
Solaris is fully licensed for seamless banking across Europe and European Economic Area (EEA) countries.
We obtained a full German banking license (CRR) in 2017, making it the first completely cloud-based Banking-as-a-Service provider in Germany.
Discover how our setup compares to an e-money license (EMI) and what our partners gain from it.
What is a full banking license?
A full banking license – also known as a CRR credit institution license – grants official permission to operate a credit institution or a bank-like entity.
To operate in Europe, any business wishing to conduct banking operations must obtain a license from an European financial supervisory authority.
They must ensure compliance with government regulations that protect customer assets and data. This includes fulfilling rigorous criteria, including maintaining financial reserves and secure data infrastructure.
A CRR license offers significantly broader capabilities than an EMI license, such as full deposit-taking and lending services, with funds guaranteed by the German Deposit Guarantee Act and the European Central Bank (ECB).
What is an e-money license?
E-money license is colloquially used as a synonym for EMI. An electronic money institution license is the official permission granted to an institution by the financial supervisory authorities, allowing it to conduct financial transactions through the disbursement of electronic money.
Electronic money, also known as e-money, is subject to banking supervision law because it acts as a digital equivalent of cash. As the officially recognized equivalent of a country's official currency, it offers users binding legal security standards.
E-money is stored in EMI or bank computer systems to facilitate electronic transactions.
A permission to operate an e-money business granted in one European country can also be used for business operations in all other countries of the European Union.