One euro paid in, one euro issued, usable only within the frame set.
We have the solution. Electronic money is euros that MAP issues against the euros you pay in, one for one. They are allocated to the beneficiaries of the programme, used within the rules set, then redeemed under the conditions of the contract.
The exact term: earmarkable digital euro. Euros, on an account, that can only be used for what you decided. It is electronic money, issued one for one against the euros you pay in. It is neither a bank deposit nor the Eurosystem’s digital euro project.
The funds are safeguarded, separate from MAP’s own
Electronic money is issued in exchange for funds, one for one
It is allocated, then spent
What is not spent is redeemed at nominal value
Illustrative animation: the amounts quoted are examples.
The funder pays in funds: a transfer of 50 000,00 € in euros arrives.
The funds received are safeguarded: they go into a safeguarding account, separated by a partition from MAP’s own accounts, which stay at 0,00 €.
Electronic money is issued in exchange for funds, one for one: 50 000,00 € received, 50 000,00 € issued, 50 000,00 € safeguarded. Issuance creates no value.
The electronic money is allocated to a designated beneficiary, then spent up to 38 000,00 € at a referenced supplier, paid in euros out of the safeguarding account; the balance issued falls by the same amount.
The 12 000,00 € that were not spent are redeemed at nominal value: the money in circulation and the safeguarded funds run down together, always equal.
Benefits
What this service changes for your teams.
Nothing is issued without funds received
The amount issued matches the amount received. MAP’s earmarkable digital euro is euros, on an account, that can only be used for what you decided.
A complete life cycle
Funding, issuance, allocation, use, redemption and closure: each moment is distinct, written down and reconcilable.
Remaining balances dealt with in advance
The end of a period of use and the right to redemption are two different questions. What happens to balances is settled in the contract, not after the event.
Your rules
What we set with you, before the first issuance.
The core is the same for every programme. What varies from one programme to the next is set with your teams, before the first spend.
The flow of funds
The flow of funds for your programme and the contractual role of each party.
Example: €50,000.00 received, the same amount issued
Balances and reconciliation
The management of balances, the reconciliation of entries and the tracking indicators.
Example: 100 envelopes allocated
Redemption and remaining balances
The redemption conditions, the exit from the programme and the treatment of remaining balances.
Example: six months of use, then the closure rules
A name for the programme’s value
A commercial name of your own for the value of the programme, defined with the white-label service.
Example: defined with the white-label service
Deliverables and how it works
What we put in place with you.
✓The flow of funds and the contractual roles, documented.
✓The management of balances and the reconciliation of the programme’s entries.
✓The redemption conditions and the exit from the programme.
✓The regulatory notices shown to beneficiaries.
The five moments of the cycle
A programme follows five moments. Telling them apart avoids shortcuts. Funds paid in are not yet usable. An operation that is authorised is not yet recorded.
01
The funding
The funder pays in funds in euros. That payment is the origin of the whole programme: nothing is issued without funds received.
02
The issuance
MAP issues the electronic money up to the funds received and allocates it to the programme. The amount issued matches the amount received, one for one; issuance creates no additional value.
03
The allocation
The electronic money is held by the people or organisations designated by the programme. Every holder has a balance usable within the frame that has been set, and a right to redemption under the conditions provided for in the contract.
04
The use
At every operation, MAP checks the programme’s rules before execution, then accepts or refuses. An accepted operation goes through two distinct states, authorised and then recorded, which do not have the same effect on the balance.
05
The redemption
The electronic money is redeemable in euros, under the terms settled in the contract. The contract says who may ask for redemption, within what time and on what conditions, and what becomes of a balance at the end of a programme.
Issuance and claim: the exact set-up is published once validated
Depending on the set-up adopted, the issuer of the electronic money, its distributor and the holder of the claim are not necessarily the same party. This page states the general mechanism. The precise identification of the issuer, the distributor and the holder of the claim is published on the Regulatory framework page, once the entity’s documents are validated. The flow of the funds received and the safeguarding mechanism adopted are described on the Safeguarding of funds page.
What must not be confused
Often confused
Distinction
The earmarkable digital euro and the Eurosystem’s digital euro
The programme has no link with the Eurosystem’s digital euro project. The earmarkable digital euro is electronic money, issued in exchange for funds.
The end of a programme and the right to redemption
The possible expiry of a programme and the rights attached to the redemption of the electronic money are two distinct questions, dealt with separately in the contract.
An authorised operation and a recorded operation
An authorisation reserves an amount; recording charges it. The two events are registered separately.
A clear framework
A precise framework, known before you sign.
The proof covers the payment: amount, supplier, date, rule applied. The rest is written here, so that nobody discovers it afterwards.
Nothing is created without funds received
There is no creation of money without funds received, and no link with the Eurosystem’s digital euro project.
This is not a bank deposit
Electronic money bears no interest and is not covered by a deposit guarantee scheme.
A name of your own is not an authorisation
A currency name of your own grants the client no authorisation and is not enough to qualify a local currency or a crypto-asset.
What we show before any commitment. Before any commitment, we reconcile the euros received, the money issued, the balances and the redemptions. We identify the issuer, the holders, the safeguarding of the funds and the treatment of remaining balances.
A worked example
The team running a programme, responsible for pre-funded envelopes.
That team pre-funds envelopes allocated to its beneficiaries. It follows the balances used and deals with the remaining balances under the agreed closure rules.
Funds received (example)
€50,000.00
Electronic money issued
the same amount, one for one
Envelopes allocated (example)
100 beneficiaries
Period of use (example)
six months
Remaining balances
dealt with under the closure rules of the contract
Situation and values given as an example. No result and no price is announced.
Euros, on an account, that can only be used for what you have decided. You set the rules before the money is spent: who, when, how much, where and what for. It is electronic money, issued one for one against the euros you pay in. It is neither the Eurosystem’s digital euro project nor a bank deposit.
Yes. An account with an IBAN, incoming and outgoing transfers. A universal payment card, not a prepaid card. Online payment, the QR code and the app, usable anywhere in the world. Your programme’s rules decide where and what they work for.
100% of operations are checked before execution. A payment outside the rules is refused, and the reason is recorded. The beneficiary knows why straight away. Refunds and remaining balances follow the programme contract. An end date does not make the funds disappear.
How much does a programme cost and when can it start?
The terms and the timetable depend on what is covered, the uses, the number of users and the integration. No price and no lead time are announced on this site. A MAP expert will get back to you, with no commitment.
Tell us who funds the programme, who uses the funds and what it must allow people to pay for. We identify the rules, what you must be able to track and the points that need validation.
