UNNAX, a supplier of Open Banking options within the Spanish market, has obtained a triple license (registration quantity 6719) from the Bank of Spain.
After an in depth regulatory evaluate course of, the Bank of Spain has authorised UNNAX’s software to grow to be a regulated Digital Cash Establishment, Account Data Service Supplier (AISP) and Fee Initiation Service Supplier (PISP).
The corporate turns into the primary Fintech in Spain to acquire this trio of licenses, changing into the one Spanish supplier of Open Banking and ‘e-money’ companies. As a regulated entity underneath the Bank of Spain, UNNAX is topic to stricter requirements than different Open Banking suppliers when it comes to safety, reporting and regulatory compliance.
Moreover, the Digital Cash Establishment license will permit UNNAX to function with its personal e-money accounts and to create complicated funds architectures that transcend the chances of the cost initiation license (PISP). As such, UNNAX will be capable to supply a broader vary of companies, together with e-money companies resembling emission and administration of digital cash and escrow accounts.