Ever since it was established in 2018, the European Merchant Bank has been improving its services and building financial infrastructure for the future. Even though the bank is based in Lithuania, the goal was to create an international presence and offer services to clients throughout Europe.
The European Merchant Bank offers a wide range of banking services and products to individuals. However, it also provides various alternate payments, deposits, and commercial loans to smaller and mid-sized companies. Since Ozan Ozerk is one of the leading people behind the founding of the bank and its vision, it’s no wonder that digital transformation is one of the top goals.
Simply put, the banking sector is seriously lagging behind other industries in terms of digitalization and adapting new technologies overall. One of the European Merchant Bank’s latest achievements is the official membership of the SEPA (Single Euro Payments Area).
More About SEPA
SEPA includes a larger area in which government entities, companies, and individual citizens can make financial transactions using Euro under the same rules, obligations, and rights. It’s not limited to the European Union even though it has to do a lot with it, and users can expect the same terms no matter what their location is.
The European Banking Industry sponsors this initiative. It also has strong support from the European Central bank and the EU Commission. SEPA has already established many standards and rules for Euro transactions so that they can be processed with ease and safety while ensuring the integrity of national markets.
The initiative’s goal is to provide fair competition and efficiency to bring markets within SEPA quality and safe electronic payment services. In the short term, this instantly helps people make Euro payments between borders.
Why Did the European Merchant Bank Join SEPA?
The key challenges Ozan Ozerk and the European Merchant Bank recognized for consumers within Europe are:
- Lack of modern accounting and financial management systems that were in line with the current global standards.
- A large number of integrations and different systems companies were forced to use for managing and calculating payroll and financial management.
- Companies had to invest lots of human resources in their accounting operations.
The goal of the bank was to tackle these issues from the very start. Providing modern digital solutions was the obvious path to follow, especially when considering the bank’s leadership background.
SEPA is just another tool that will enable the bank to provide these services on an international scale for customers throughout Europe. Customers will find it easier to use the money transfer services and payments offered by the UAB, as well as their software solutions.
At the same time, many customers still don’t have access to SEPA. The European Merchant Bank allows its clients to instantly make value transfers through their services that work on the SEPA network.
How This Helps European Merchant Bank’s Customers
Having a digital banking account is one thing. However, if there are various national boundaries, laws, and conversions preventing efficient banking, people get more headaches than help. People who live and travel around Europe for business can make great use of having a digital account within the SEPA network.
With this move, the European Merchant Bank will help its customers by enabling:
- Quick and cheap withdrawals throughout Europe
- Standardized transactions that work the same no matter where someone is located in Europe
- Easy purchases throughout the EU with European payment, debit, and credit cards
- Simple online and mobile banking
Even though the Eurozone uses Euro as the official currency and it’s easy to make payments and transactions with it, this is not the case for digital payment. In most cases, Euro electronic payments are regulated by countries individually.
It creates different technical standards, processing bodies, and payment options. Simply put, it can be difficult for someone living in the EU to count on one digital banking account to work always and everywhere. That’s what the European Merchant Bank has created by joining SEPA.
More About the European Merchant Bank
Fintech startups are on the rise throughout the world. Digital technologies are the key to development in many different industries, and this includes banking as well. As the world is becoming more globalized and dependent on online technologies, there is a need for uniform, safe, and fast online banking services.
That’s the idea behind the European Merchant Bank, but this new startup is not alone on that path. UAB is fully owned by Akce Group in Malta. The introduction of UAB to SEPA in 2020 will certainly bring the group closer to its goals, reflecting on companies and individuals operating in Europe, says Ekmel Cilingir, Chairman of the Supervisory Board of EmBank.
The Future Is Bright
Becoming a SEPA member is a significant development that will put UAB on the map of electronic transfer and transactions within Europe. At the same time, the bank has many partners that operate internationally, which opens up even more opportunities for the future.
We shouldn’t be surprised if the bank becomes one of the leading online transaction providers in Europe in the near future.