Moss' EMI now issues all Moss cards in the EEA

We are thrilled to announce that Moss has achieved a significant milestone: After securing a licence as an Electronic Money Institution (EMI), authorised by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), the German Federal Financial Services Supervisory Authority, our subsidiary, Moss GmbH, has now successfully become the card issuer for all Moss cards in the European Economic Area (EEA).

Since obtaining its EMI license, Moss GmbH has consistently worked towards taking over the issuing function for Moss cards in the EEA. The migration was successfully completed during the week commencing July 8th. 

Within the EEA, Moss cards are now issued by Moss GmbH as a direct member of the Mastercard network. Moss GmbH offers its payment services under the European regulatory framework of the Payment Services Directive 2 (PSD2) and is supervised in Germany by BaFin. Customer funds are safeguarded on escrow accounts held with Deutsche Bank AG in accordance with regulatory requirements.

What This Means for Moss Customers

• Instant Top Ups and Withdrawals: Moss customers can now benefit from SEPA Instant payments, which allow euro transactions to be completed in just seconds. 
• Safeguarding Customer Funds: As an EMI, Moss GmbH is subject to strict regulatory requirements for safeguarding customer funds. Funds of Moss customers are safeguarded on escrow accounts held with our cooperation partner Deutsche Bank AG, Germany.

Please note, UK customers will continue to be served by Moss under its existing banking partnerships. 

What's Next for Moss

Previewing 'Pay with Moss': 

The EMI licence of its own card issuer Moss GmbH empowers Moss to further innovate its  financial solutions, further delivering on our mission to bring customers complete and robust accounting and payment workflows in a single platform. 

With that in mind, we are excited to preview the upcoming launch of 'Pay with Moss.' This new feature will allow customers to utilise their Moss Wallet balance to pay supplier invoices and reimbursements, making it easier than ever to fully manage all your business expenses through Moss. Already available for UK customers, our EEA customers can expect access to this new feature in August as part of the Accounts payable package. 

Reaction from Ante Spittler, CEO of Moss

“Bringing our own EMI to life is a significant milestone that truly reflects the dedication and hard work of our team, as well as the loyalty of our customers, which we never take for granted. Everyone at Moss is incredibly excited about the potential innovations this will unlock for us. We already have some amazing plans for the rest of 2024 as we continue to help our customers in Germany, the Netherlands, and the UK, to spend smarter.”

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For existing Moss customers, if you have any questions or would like to join the Early Access Programme for 'Pay with Moss', please reach out to your Customer Success Manager.