Payment institution licence granted to UAB Simplex Payment Services
The Board of the Bank of Lithuania has issued a payment institution licence to UAB Simplex Payment Services, granting the right to provide payment services, established by the Law on Payments, across the European Union.
In using modern financial technologies, known as FinTech, the company will develop a payments platform (the Simplex platform) allowing executing payments for goods and services purchased online. A technological solution is to be implemented, increasing the security of payment transactions and minimising losses for retailers incurred due to criminal activities when accepting payments via electronic payment means.
The newly-founded payment institution informed of its intent to cooperate with online retailers both in Lithuania and across the EU. It is a subsidiary of Simplex Payment Services, an Israeli company.
Under the licence, the company will be able to provide the following payment services: a) execution of payment transactions, including transfers of funds on a payment account with the payment service provider of the payment service user or with another payment service provider: execution of direct debits, including one-off direct debits, execution of payment transactions through a payment card or a similar device and/or execution of credit transfers, including standing orders; b) issuance and acceptance of payment instruments; and c) money remittance.
The formation of a favourable regulatory and supervisory environment for the provision of financial services and promotion of financial sector innovations are among the strategic directions for Bank of Lithuania activities in 2017–2020. Together with other domestic institutions, the Bank of Lithuania aims at Lithuania becoming a FinTech centre in the Nordic-Baltic region.