London-based Emma Technologies has secured approval from the UK Financial Conduct Authority (FCA) to provide payment services.
The company, which received approval under the Payment Services Regulations 2017, has launched a closed beta in early December 2017.
Emma will operate under new PSD2 scheme launched in the country this month.
At present, Emma is engaged in the development of banking app for millennials (iOS and Android).
The new app is a mobile only solution, which will enable consumers to avoid overdrafts, find and cancel subscriptions, track debt and save money.
Emma said that its new solution will provide a consumer focused banking experience and improve the financial situation of its users.
The company is preparing a solution to help consumers access all the information with the push of a button.
Emma is said to use various advanced security measures, including the same end-to-end 256-bit SSL encryption used by all major banks.
It is registered with the Information Commissioner's Office, and will access data in read-only mode.
In December 2017, Emma launched credit cards support, which allows to read and display credit card transactions. The firm launched its AI technology to support Natwest, RBS, Halifax, Lloyds, HSBC, Santander and AMEX.
Emma CTO and co-founder Antonio Marino said: “We started developing Emma on a mission to improve people’s financial well being. We are thrilled to announce the FCA has given us full permission to achieve our goal.
“Further, we are happy to share we are currently working to integrate a series of challenger banks and savings solutions to further extend our offering.”
Image: Emma CTO and co-founder Antonio Marino. Photo: courtesy of Emma Technologies LTD.