Payment initiation and account information services
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 ).
The list of institutions providing payment initiation and account information services in Lithuania is provided here (in Lithuanian only).