2012-03-06
The Board of the Bank of Lithuania decided to issue a payment institution licence to UAB ”Perlo paslaugos” that grants a right to provide a payment service (money remittances) listed in Paragraph 6 of Article 5 of the Republic of Lithuania Law on Payments.
This is the first payment institution licence issued in Lithuania. Activities of new economic entities providing payment services – payment institutions– are regulated in Lithuania by the Law on Payment Institutions which was adopted implementing the European Parliament and the Council Directive on Payment Services in the Internal Market. The licence given to the UAB ”Perlo paslaugos” allows to provide the licensed payment service not only in Lithuania but also in other European Union countries, while the turnover of the enterprise is envisaged to be more than LTL 1 million per month.
A payment institution is a payment services providing economic entity which is neither a credit nor electronic money institution and cannot accept deposits or other returnable funds from unprofessional market participants and issue electronic money. Beside payment services, payment institutions have a right to provide additional services closely related with these services and they are also allowed to perform other activities not connected with payment services.
The Bank of Lithuania issues licences to payment institutions, performs off-sight inspections of payment services provided by payment institutions and of additional services closely related thereto, carries out inspections and prepares legal acts regulating activities, risk management, internal control and other requirements of payment institutions.