Under regulation 2(1) of the EMR, EMI is defined as an entity authorised by the Financial Conduct Authority (FCA) as an e-money institution.The core service that EMI may provide is e-money issuance and redemption. E-money is understood as meaning monetary value stored in electronic or magnetic form. Electronic Money Institutions are companies that are licensed to provide financial services to third parties and store their funds on special segregated accounts. Being more agile and fast in their operations, EMIs are a great alternative to traditional banks.