About the service

A Payment Institution License (PI) is an ideal solution for financial service providers, FinTech firms, and start-ups that execute payments for individuals, businesses, and online stores. Payment Institution license is the most common option for delivering payment solutions to online businesses throughout Europe. This implies that the participant can send money, make payments, direct debit or credit transfers, and more.

Payment Institution licensed by the Bank of Lithuania may offer the following direct or related extra services:

• Payment transactions;

• Money transfers;

• Deposit/withdrawal of cash;

• Currency exchange.

Payment Institution can not take deposits from non-professional markets participants and issue electronic money.

3 types of Payment Institution License:

• Limited License has fewer requirements, however there are turnover limitations and such a company can only operate in Lithuania;

• License to provide account information services permits you to work across the European Union;

• Unlimited License permits you to work across the EU, and the own funds criteria established in Lithuanian payment institution legislation apply.

Requirements for PI License:

• The suitability of the papers submitted.
  Documents provided must be accurate and fulfill the standards of the law acts that regulate PI activities and administration.

• Compliance with the minimum capital requirement.
  Subject to the services license granted, the minimum capital required for a payment institution should not be less than EUR 20,000, EUR 50,000, or EUR 125,000.

• Fitness and propriety of the PI and its shareholders.
  Entities with a qualifying ownership in the payment institution's authorized capital and/or voting rights must be able to assure the payment institution's competent and prudent management, have a good reputation, and be financially sound.

• Fitness and propriety of heads of a PI.
  The executives of a payment institution must be well-respected and have the training and expertise required to carry out their responsibilities.

• The business plan must be coherent with the founders of the payment institution's possibilities.