Bank of Lithuania

On 1 August 2018, new version of the Law on Payments came into force. It regulates the provision of new payment services in Lithuania, i.e. payment initiation and account information. Law on Payments and other related laws implement the provisions of Directive 2015/2366 of the European Parliament and of the Council on payment services in the internal market in Lithuania’s legislation.

Payment initiation service – means a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider. In other words, the payer provides the licensed intermediary with short-term access to their account via internet banking for the intermediary to form payment order on behalf of the payer.

Account information service – means a payment service whereby aggregated online information is provided on one or more payment accounts held by the payment service user with one or more other payment service providers. This is only an information service during which payment is not initiated.

These services can only be provided with consent of payment service user. They can only be provided by licensed payment service providers: banks, credit unions, e-money and payment institutions. The Law on Payments prohibits access to other personal data that are not required for service provision. For more information on the features of these services, see the FAQ section (177.1 KB ).

 

Payment and e-money institutions which have the right to provide payment initiation and account information services in Lithuania

Name of institution Country Has the right to provide payment initiation services Has the right to provide account information services More information
Global Private Solutions Limited United Kingdom - Link
Neo Finance, AB Lithuania - Link
Tink AB Sweden Link
Trustly Group AB Sweden Link

Notes: this list is compiled for providing additional information only and is not a substitute for the national lists (registers). In case of discrepancies, the national lists (registers) are to be given priority. Banks and credit unions also have the right to provide payment initiation and account information services.

Last update: 31-10-2018