Payment institution license issued to Pay by B
The Board of the Bank of Lithuania has issued a payment institution license to Pay by B, UAB. The company intends to provide payment initiation and account information services to customers in Lithuania and other European Union countries.
Pay by B, UAB belongs to BANKED LTD, which was incorporated in 2018 in the United Kingdom and holds a payment institution license. Its indirect investors are Bank of America and Edenred SA, a US payment services company operating in 45 countries around the world.
Pay by B, UAB plans to provide payment initiation services to e-commerce companies and financial institutions that will enable users to connect to their own bank accounts and make payments online. It will also provide account information services based on innovative solutions that will enable users to access information about the funds in their accounts.