The good practice principles

Seeking to encourage payment market participants to set high operating and security standards when providing a 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 on an individual and 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. not before 13 January 2018. Providers of this service are responsible first of all themselves for the payment initiation service to be in line with the Republic of Lithuania’s law and for the safe and sound provision of the payment initiation service.

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

Putting an entity on the list shows the efforts of this entity to seek higher operating and security standards but does not guarantee full security. Users of the payment initiation service must be 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. The list’s information should not be held a recommendation by or proposal from the Bank of Lithuania to choose one service provider or another. The Bank of Lithuania reserves itself the right to revise or eliminate the good practice principles and the List of Payment Initiation Service Providers without prior notice to parties concerned.

 

The List of Payment Initiation Service Providers committed to follow the good practice principles

Name of institution Code Address
 UAB Mistertango 303262295 Perkūnkiemio st. 2, LT-12126 Vilnius 
UAB "NEO Finance" 303225546 Verkių st. 25C-1, LT-08223 Vilnius 
Updated 12/07/2016