An E-Money Institution (EMI) is a regulated financial entity authorised to issue electronic money and provide payment services (typically including payment accounts, card issuing, transfers, and sometimes merchant acquiring via partners). In the EU/EEA, EMIs are authorised under the e-money and payments framework (commonly referenced alongside PSD2), supervised by a national competent authority, and subject to AML/CTF obligations. In practice, EMIs sit at a critical chokepoint: they can function as the “bank-like” interface for fintechs, marketplaces, crypto on-ramps, FX apps, and global merchants that may not have direct access to traditional banking.