Written by Modulr | Jul 24, 2025 11:00:00 PM
Electronic Money (e-money) is a digital store-of-value product where all e-money issued by a e-money issue backed up by fiat currency stored electronically and with equivalent monetary value represented by a claim on the issuer. EMI accounts, often referred to as Virtual Accounts, are digital accounts that hold e-money. EMI accounts come with sort codes/account numbers and IBANs and have access to payment schemes.