The Electronic Money Association (EMA) is the trade body representing

electronic money Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...

issuers in

Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...

History

The EMA was founded in October 2001 by a group of electronic money issuers and prospective issuers to represent the interests of industry. The group took part in a regulatory working group set up in response to UK government consultation on the implementation of the

E-Money Directive The E-Money Directive or the ''electronic money directive'' (2009/110/EC, originally 2000/46/EC) regulates electronic payment systems in the European Union. The aim is to enable new and secure electronic money services and to foster effective com ...

. The group was then formalized into the EMA and its remit extended to issues of general interest to industry. The

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...

(now superseded by

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...

) proposed that the association develop a voluntary code of best practice for industry, addressing operational and non-operational risks and creating a minimum standard that could be adopted by issuers, irrespective of technology or market proposition.

Role

The Electronic Money Association (EMA) is the trade body for electronic money issuers and innovative

payment service provider A payment service provider (PSP) is a third-party company that assists businesses to accept electronic payments, such as credit cards and debit cards payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and thos ...

s including payment institutions, banks, and payment schemes. It provides members with a forum to share their experiences and expertise around issues that impact new means of payment. It has taken part in negotiating several payment-related European Directives, regulations and legislation. The association works to develop industry good practice in compliance and customer service.

Structure

The Electronic Money Association meets and takes its decisions in plenary. All members have an equal say in discussions, in the activities of the association and in the decision-making process. Several standing subcommittees and ad hoc working groups exist to cover specialist areas of the industry and emerging issues. These report their findings into the plenary sessions. The sub-committees and working groups include: *

Money Laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...

Fraud In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compens ...

IT Security Computer security, cybersecurity (cyber security), or information technology security (IT security) is the protection of computer systems and networks from attack by malicious actors that may result in unauthorized information disclosure, the ...

workgroup Day-to-day activities are undertaken by the secretariat, which is appointed by members.

Activities

Members of the Electronic Money Association and its subcommittees meet on a monthly basis in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

. Additionally, the EMA organizes seminars and conferences: *The first EMA Conference on ''The Revision of the E-money Directive'' was held in February 2006 in

Brussels Brussels (french: Bruxelles or ; nl, Brussel ), officially the Brussels-Capital Region (All text and all but one graphic show the English name as Brussels-Capital Region.) (french: link=no, Région de Bruxelles-Capitale; nl, link=no, Bruss ...

Belgium Belgium, ; french: Belgique ; german: Belgien officially the Kingdom of Belgium, is a country in Northwestern Europe. The country is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeast, France to th ...

. *The second EMA Conference on ''Future of Payments in Europe'' was held in November 2007 in London, UK. *The 3rd EMA conference on 'The European Payment Services Directive and the Global Regulation of Payments' took place on 24 November 2009 at the Marriott West India Quay in London, United Kingdom. *The 4th EMA conference on 'The evolution of e-money and payment institutions: new opportunities, new challenges' was held on 29 and 30 November 2011 at the Crowne Plaza Brussels 'Le Palace' in Belgium. *The 5th EMA conference is planned for late October 2015 and will be in Brussels, Belgium.

References

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External links