At the end of 2017, seeking to strengthen the dialogue among payment service providers, payment service users, regulators and the academia in the course of developing Lithuania’s payments market, the Bank of Lithuania and the Ministry of Finance created the Payments Council, an independent forum established in light of market support expressed during the public consultation on the National Payments Strategy.
The Payments Council was created drawing on the best practices of other countries. Based on the principle of balanced representation, it consists of 10 members: representatives of payment service providers, enterprises and residents, state institutions formulating and implementing payments policies and the academia. The Payments Council brings together representatives from the Bank of Lithuania, the Ministry of Finance of the Republic of Lithuania, the Association of Lithuanian Banks, the Association of Lithuanian Payment and Electronic Money Institutions, Fintech Lithuania group, the Alliance of Lithuanian Consumer Organisations, the Council of Small- and Medium-Sized Enterprises, the Association of Lithuanian Chambers of Commerce, Industry and Crafts, and Vytautas Magnus University. Representatives of Mykolas Romeris University and Kaunas University of Technology participate as observers.
Members of the Payments Council freely choose issues to be discussed during the meetings and prepare their work programmes. The Council aims to assess directions for the development of Lithuania’s payments market, problematic aspects, monitor how payments policy measures are being implemented and how innovations emerging in the market are applied. The Payments Council may submit proposals to market participants and state institutions with regard to possible solutions for issues in the payments market, implementation of policy measures and development directions, formulate the common position of Lithuania’s payments market participants and present it to relevant EU institutions.
In 2018 the Payments Council has been analysing the following three priority issues:
- Integration of instant payments in business and public administration processes
- Feasibility study on the know your customer (KYC) centralised solution
- Analysis of and recommendations for new identification measures and their compliance with anti-money laundering requirements
The rights and obligations of the Payments Council, work organisation as well as publication of position and documents are set in the Payments Council Regulations. The Regulations of the Council and structure thereof are to be reviewed at the end of 2019. Contact the Payments Council at: [email protected].