Electronic money institution licence for restricted activity (Lithuania)

At a glance

What it lets you do

• Issuing electronic money
• Execution of payment transactions
• Money remittance
• Issuing payment instruments and acquiring payment transactions
• Payment initiation services
• Account information services

• Issuing electronic money. Issuing monetary value stored electronically against funds received, redeemable at par and accepted by third parties as payment.
• Execution of payment transactions. Executing direct debits, card payments and credit transfers, including standing orders, from a payment account.
• Money remittance. Receiving funds from a payer solely to transfer them to a payee or another provider, without opening payment accounts.
• Issuing payment instruments and acquiring payment transactions. Issuing cards or other payment instruments to payers, and acquiring card and other payment transactions for merchants.
• Payment initiation services. Initiating a payment order at the user's request from an account held with another provider, as in open banking.
• Account information services. Providing consolidated online information on one or more payment accounts the user holds with other providers.

Where it is valid

Buying a company that already holds it

Prior notification with an objection period. Acquisition or disposal of qualifying holdings reaching or crossing 10%, 20%, 30%, or 50% of capital or voting rights, or becoming controlled, requires prior written notification to the Bank of Lithuania. The supervisory authority assesses acquirer reputation, financial soundness, and AML/CFT risks within a statutory 60 working days period (interruptible once by up to 20 working days for additional information) under Law on Banks Arts 24-25, applied mutatis mutandis to EMIs (EMI Law Art. 17) and PIs (PI Law Art. 10).⁴

Ready-made companies holding this licence: see verified positions.

Laws behind it

• Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions: Directive 2009/110/EC