71 Electronic Money Institutions and 45 Payment Institutions operate in Lithuania today. The country ranks first in continental Europe in terms of licensed EMIs.

29 mai 2020

The Bank of Lithuania prepared and approved its position on the right of electronic money institutions (EMIs) and payment institutions (PIs) to access bank accounts opened with credit institutions.

“We hope that this position, agreed on with all market participants, will provide more clarity and help fintechs operate more smoothly as well as allow banks to improve their cooperation with such companies, while maintaining high risk management standards,” said Jekaterina Govina, Director of the Supervision Service of the Bank of Lithuania.


The position seeks to draw the attention of banks operating in Lithuania to the fact that some of their decisions – regarding rejection to open accounts and/or unilaterally closing them, and/or applying restrictions on their access – may cause negative consequences for EMIs/PIs and limit their licensed activities. Such decisions are often based on banks’ goal to properly manage the risk of money laundering and/or terrorist financing. The position aims to ensure that while managing these risks, banks do not violate the right of EMIs/PIs to have accounts with credit institutions and to access them.

The Bank of Lithuania welcomes an opportunity provided by banks to open three types of accounts for EMIs/PIs on their own behalf: a current account, an account for safeguarding funds of EMI/PI clients as well as an account for the execution of payments by EMI/PI clients.

The position also includes the provision that banks must comply with the principles of objectivity, non-discrimination and proportionality in respect to EMIs/PIs, i.e. to ensure that their decisions and other actions relating to the opening (or closing) of accounts are impartial and objective.

In the opinion of the Bank of Lithuania, banks should ensure that extreme measures, such as termination of business relations with EMIs/PIs or refusal to start them on the basis of money laundering and/or terrorist financing risks, are applied only after having assessed the circumstances relevant in a specific case and only when it is impossible to apply other risk management and mitigation measures.

The position presents an opinion on what practice should be followed when closing an account and how banks and EMIs/PIs should cooperate.

The position is available here:

Position of the Bank of Lithuania on the right of electronic money institutions and payment institutions to access bank accounts opened with credit institutions

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?