2012-03-06
The Board of the Bank of Lithuania decided to issue a payment institution licence to UAB SOLLO, which grants a right to provide a payment service listed in Paragraph 6 of Article 5 of the Republic of Lithuania Law on Payments. The company intends to collect payments for various services (utilities, telecommunications and other services). This activity will be performed using money remittances, i.e. the payments are received from the payers without opening a payment account on behalf of the payer or the beneficiary.
According to the presented business model, UAB SOLLO will take over the payment collection services from UAB MAXIMA LT, i.e. the activity of the company related to the provision of a payment service (money remittances) is separated from the retail trade and transferred to a newly established payment institution UAB SOLLO.
UAB SOLLO will provide the payment service (money remittances) via the intermediary UAB MAXIMA LT.