Transferra reports growing shift among UK businesses from high-street banks to EMIs

London, United Kingdom, July 27th, 2026, FinanceWire

Transferra, a UK electronic money institution (EMI) authorised by the Financial Conduct Authority, reports increasing demand from UK businesses moving their international payments away from traditional high-street banks.

The trend coincides with a contraction in the UK banking network. According to a consumer group Which?, more than 6,000 bank branches have closed across the UK over the past decade, including 433 in 2025. Fintech and specialist providers now account for approximately 60 percent of small and medium-sized enterprise (SME) lending in the UK, according to figures reported by Reuters.

Access to business banking has also tightened. Evidence submitted to the UK Parliament Treasury Committee indicated that the success rate for SME finance applications fell from around 80 percent in 2018 to approximately 50 percent in 2023. Businesses operating across multiple currencies report particular difficulty obtaining services suited to cross-border activity.

An electronic money institution (EMI) is a regulated entity authorised to issue electronic money and provide payment services. In the UK, EMIs are supervised by the FCA, the same authority that regulates banks. Unlike traditional banks, EMIs focus specifically on payments rather than offering them alongside lending and deposit products.

"Businesses that operate internationally increasingly require multi-currency accounts, dedicated IBANs, and access to SWIFT and SEPA payment rails," said Nick Kerpe, Head of Sales at Transferra. "For many, the traditional banking model was not built around those requirements."

Transferra provides business clients with multi-currency accounts, dedicated International Bank Account Numbers (IBANs) across euro (EUR), pound sterling (GBP), and US dollar (USD), SWIFT, SEPA, API and ACH payments, and Visa business cards through a single platform. Onboarding is managed by a dedicated account manager.

Account opening with traditional banks can take between four and twelve weeks, whereas EMIs generally operate on shorter timelines. Multi-currency functionality allows businesses to receive and hold funds in several currencies rather than routing transactions through a single domestic account. Access to both SWIFT and SEPA within one account supports businesses making regular international and European transfers.

"The businesses moving to EMIs have not left banking entirely," said Nick. "Many retain banking relationships for lending or deposit services, while moving international payments to a provider built for that purpose."

EMIs do not offer the full range of banking services. Businesses requiring lending, overdraft facilities, or mortgage products continue to rely on traditional banks for those needs.

About Transferra

Transferra is an electronic money institution authorised by the UK Financial Conduct Authority (reference 942346). The company provides multi-currency business accounts, dedicated IBANs, and SWIFT, SEPA, API and ACH payment services, alongside Visa business cards, for businesses operating internationally.

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