moneybookers.com – Europes first regulated e-money issuer

The UK became the first member country of the EU to implement the EU directive on electronic money issuing and has now authorised Europes first regulated e-money issuer - a milestone in the brief history of e-money. e-money brings huge benefits to consumers - the quantum leap in advantages can be compared to the one from fax to email: B2C and P2P e-money transfers are generally more convenient, easier, faster and more private than transfers done via traditional ways of payment. On February 5, 2003, moneybookers.com became the worlds first e-money issuer to be authorised.

On Friday, moneybookers.com became Europes first regulated e-money issuer placing the UK at the forefront of the e-money development and paving the way for the European e-money industry as a whole.

moneybookers.com is a P2P and B2C web based payment system where users can upload money to a virtual account which can then be used to pay for goods and services online and send money to anyone with an email address.

The event has its roots in an EU directive on electronic money of October 2000 ending years of restrictive legislation against alternative payment solutions. The EU directive now allows non-banks to become regulated as so called ‘e-money issuers. moneybookers.coms email payment service is a business activity that used to contravene in most countries with local financial services regulation but can now be offered legally throughout the EEA thanks to the new EU wide legal framework in place to foster the use of e-money and consumer trust. The UK became the first EU member country to implement the new regulatory regime and consequently has now authorised Europes first regulated e-money issuer

Benjamin Kullmann, Managing Director of moneybookers.com, comments: This is a milestone in the brief history of e-money and good news for consumers. Payments via moneybookers.com happen in real-time, fraud-free and much cheaper than traditional payment methods adapted to the Internet. Now customers can finally be sure that their money is safe".

The e-commerce market in Europe alone has a market size of about 100 billion (€ 150 billion) and traditional payment methods adapted to the Internet are still characterised by high fraud rates, lengthy settlement times, high fees and major deficiencies to transact cross-border.

About moneybookers.com

moneybookers.com was launched in April 2002 as a person-to-person and person-to-merchant web payment system where users can pay for goods and services online and send money worldwide to anyone with an email address. moneybookers.com is the first true Internet money available in all international currencies. Transactions are secure, instant and guaranteed. moneybookers.com delivers a product that is ideally suited for online merchants, auctions, individuals and others currently underserved by traditional payment methods. Everyone with an email address qualifies for a moneybookers.com account which can be set up quickly and easily. In February 2003, moneybookers.com became the first regulated e-money issuer in the world. The Company is already one of the leading online payment providers servicing the European small/micro payment market. moneybookers.com is a member of the Electronic Money Association (EMA).

###