The new electronic money institution license issued by the Bank of Lithuania

Payrnet now licensed to issue electronic money in Europe. Source: unsplash.com

The Board of the Bank of Lithuania granted an electronic money institution license to Payrnet authorizing it to issue electronic money and provide certain payment services set forth in the Republic of Lithuania Law on Payments (open electronic wallets, transfer funds, process payments).

Payrnet intends to provide its services within the European Economic Area. Railsbank Technology Ltd – its indirect shareholder and parent company established in the United Kingdom – offers a global open banking and compliance platform that allows customers to integrate e-banking services into their business models through an API. The platform will also become available to the institution’s customers in Lithuania.

Payrnet emphasized that the idea to start their business in the country has been strongly encouraged by both the Government of the Republic of Lithuania and the organization Invest Lithuania.

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