Bank of Lithuania issues new electronic money institution licence
The Board of the Bank of Lithuania granted an electronic money institution licence to Payrnet, UAB, authorising it to issue electronic money and provide certain payment services set forth in the Republic of Lithuania Law on Payments (open electronic wallets, transfer funds, process payments).
Payrnet, UAB intends to provide its services within the European Economic Area. Railsbank Technology Ltd – its indirect shareholder and parent company established in the United Kingdom – offers a unique global open banking and compliance platform that allows customers to integrate e-banking services into their business models through a simple application programming interface (API). The platform will also become available to the institution’s customers in Lithuania.
Payrnet, UAB emphasised that the idea to start their business in the country has been strongly encouraged by both the Government of the Republic of Lithuania and the organisation Invest Lithuania. The institution’s software development company Railsbank Technology, UAB extended its activities to the Lithuanian market two years ago.
Having secured the licence, Payrnet, UAB is obliged to provide the Bank of Lithuania with a copy of the agreement concluded with the credit institution, confirming proper implementation of measures for safeguarding customer funds before it starts providing the aforementioned financial services.