London-based banking app gets approval from FCA

A London-based banking app has received approval from the Financial Conduct Authority (FCA) to enable it to provide payment services.

Emma Technologies, which is aimed at millennials, is a mobile-only app that aims to improve the financial wellbeing of its consumers by helping them to save money, track debt and avoid overdrafts.

Challenges

Emma Technologies is currently building its banking app on IOS and Android and is looking to help consumers who are dealing with the challenges of keeping their finances under control.

With the app now becoming registered and receiving approval from the FCA under the Payment Services Regulations 2017, it will be able to operate under the new open banking rules that were introduced on 13th January.

Under the new rules, which were introduced to help boost competition in the banking sector, banks will be able to provide third parties with access to consumer data with their permission.

The app aims to provide a different banking experience, with focus being placed on the consumer rather than their money or background. Users of the app with be able to easily have access to all their personal finance information, with challenger banks Monzo and Revolut set to be integrated into its interface.

Solutions

Commenting on the app receiving approval from the FCA, Emma Technologies CTO and Co-Founder Antonio Marino said: “We are thrilled to announce the FCA has given us full permission to achieve our goal. Further, we are happy to share we are currently working to integrate a series of challenger banks and savings solutions to further extend our offering.”