Statutory capital above 350 000 EUR.
Electronic Payment Institution license is notified ad passported and valid in 29 EEA Countries.
Allowed services according to the license:
-Execution of payment transactions, including transfers of funds on a payment account with the
payment service provider of the payment service user or with another payment service provider:
-execution of direct debits, including one off direct debits,
-execution of payment transactions through a payment card or a similar device and/or execution of
credit transfers, including standing orders;
-Issuing of payment instruments and/or acquiring of payment;
-Issuing of electronic money; Issuing and redemption of electronic money;
-Provision of currency exchange services.
Non Connected BIC and financial institution code obtained in 2020. Connection to the SWIFT system (Connected BIC setup; Alliance Lite 2).
CENTROlink live technical connection since the end of 2020, SEPA SCT scheme.
Company management and operations
The Company has fully formed management bodies, CEO
and the board (3 members), and fulltime key employees Compliance and AML Officer (MLRO) and Manager of Operations and Finance.
Outsourced key services: Information security officer
(mandatory); Internal audit (mandatory); Financial audit (mandatory); Accounting.
All processes and internal documentation are prepared and constantly supplemented and improved. The Company fully ensures the timely submission of all mandatory reports to the supervisory authorities.
The Company has never received any penalty from the BoL or other institutions.
Services currently provided individual IBAN accounts and SEPA SCT (credit transfer) payments in euros. The Company’s target clients corporate customers.
The Company has not been actively expanding its services recently, customers generated payment turnover
IT setup Core banking system (SaaS) includes:
Customer Management module (CRM); Customer
Account Management module; General Ledger and accounting; FX and Treasury; AML module
including Transaction monitoring & Sanctions screening modules; System administration and Back
office operations; PSD2 access to account (XS2A VIA APIE) including fullback system; Standard API
(for back end integrations); Operational reports; SEPA payments module; Internal payments module;
SWIFT messages management; PLAIS module; internet banking module. Additional services like 2FA authentication (via SMS and mobile signature), remote identification, AML screening databases and
client’s check portal, hosting, etc. are in place.
Bank accounts: The Company is currently using mainly BoL account for payments and safekeeping of Bank accounts: The Company is currently using mainly BoL account for payments and safekeeping of clients’ funds. The Company also has accounts for own funds in major Lithuanian banks, and 2 client clients’ funds. The Company also has accounts for own funds in major Lithuanian banks, and 2 client accounts in Lithuania and Latvia. accounts in Lithuania and Latvia.
Price EUR 2.7 million plus capital plus maintenance cost while approval of regulator is received
Further info Valters Gencs, info@gencs.euinfo@gencs.eu,
Whatsapp/ Telegram/Viber +371+371--2926544129265441