Gift Cards : EGI
EGI is a Dutch abreviation for Electronic Money Institution (EMI).
A company that issues gift cards and which uses these as a means of payment outside of its own company may be regarded as being a provider of electronic money. The law stipulates that a company that provides electronic money requires a license from De Nederlandsche Bank. Exemptions are regulated under the Dutch Financial Supervision Act Exemption Scheme.
The following variants are possible for gift card issuers in relation to electronic money:
- the company does not provide any electronic money
- the company provides electronic money but is not obliged to have a license
- the company provides electronic money and is obliged to have a license
If a company providing electronic money is obliged to have a license Intersolve EGI offers the possibility of fully subcontracting the financial service in an easy and reliable way so that the company can focus on its core sales and marketing activities. In this case, Intersolve undertakes the correct transaction processing and meticulous management of electronic money, including invoicing and settlement with issuers and acceptors.
Intersolve EGI is also able to provide the financial service, including money management, for companies that issue gift cards that are not regarded as being electronic money or for cards that are actually regarded as being electronic money but for which the companies are not (yet) obliged to have a license.