Bank of Lithuania

Seeking to encourage payments market participants to set high operating and security standards when providing the new – payment initiation – service, the Bank of Lithuania has prepared the good practice principles.

The Bank of Lithuania notes that entities providing the payment initiation service are not subject to supervision by the Bank of Lithuania neither on individual nor on specific basis. The Bank of Lithuania will only carry out their supervision after the implementation of Directive 2015/2366 of the European Parliament and of the Council on payment services in the internal market, i.e. no sooner than by 13 January 2018. Compliance of the payment initiation service with the Republic of Lithuania laws as well as its safe and sound provision are the responsibility of the providers of this service.

The Bank of Lithuania will publish a list of those payment initiation service providers that commit themselves to following the good practice principles on their own initiative and free will. The Bank of Lithuania draws and publishes the list of payment initiation service providers based on the adherence forms unilaterally and voluntarily submitted by entities providing the payment initiation service. The responsibility for the veracity of provided information rests on the adherence form providers. This information is assessed by the Bank of Lithuania as much as is necessary for a preliminary evaluation of the probability of the payment initiation service providers’ observance of the good practice principles.

Inclusion of an entity on the list shows the efforts of the entity to seek higher operating and security standards, yet it will not guarantee maximum security. Users of the payment initiation service must stay alert and take all necessary precautionary measures, particularly when they reveal their online banking credentials to third parties.

The Bank of Lithuania is not responsible for any claims or losses arising from the direct or indirect use of information presented in the list. Information presented in the list should not be regarded as a recommendation by or proposal from the Bank of Lithuania to choose one service provider instead of the another. The Bank of Lithuania reserves the right to revise or repeal the good practice principles and the List of Payment Initiation Service Providers at its own discretion, without prior notice to parties concerned.

List of payment initiation service providers committed to following the good practice principles

Name of institution

Code

Address

UAB Mistertango 303262295 Perkūnkiemio g. 2, LT-12126 Vilnius
UAB NEO Finance 303225546 Verkių g. 25C-1, LT-08223 Vilnius
Paysera LT, UAB 300060819 Mėnulio g. 7, LT-04326 Vilnius
Last update: 20-04-2017