Permissions available within the EMI 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
-Distribution and redemption of electronic money
-Provision of currency exchange services
Passportation: passported in 29 EU countries to provide financial services
Directors/Staff: the company has three Board Members, CEO, COO, MLRO/Head of Compliance, etc. –a total of about 20 of staff. The staff is willing to stay in the company (separate agreements will be needed to reach with each).
Financial reports: the financial reports are submitted to the Bank of Lithuania quarterly and to Lithuanian Tax authority and Business Registry every year, it is audited by independent 3rd party financial audit firm each year. All profit is reinvested.
Partner Banks and other PSPs: the company has 1-2 operational, 2-3 safeguarding and 3-5 payment accounts in different jurisdictions (Lithuania, the U.K., China, Hong Kong, U.S.).
Other correspondent partners: the company is a member of CENTROlink by the Bank of Lithuania and issues its own EUR IBANs for SEPA payments (with its own 2 aBICs from SWIFT), also has access to local bank/payment accounts in the U.K., U.S., etc. through local partners. It also has pre-agreements for card issuance and acquiring services from multiple providers.
SWIFT: the company has 2 non-connected aBICs from SWIFT, which is used to issue EUR SEPA reachable IBANs through CENTROlink. The Company provides SWIFT payments through the Barclays UK.
Company activity: IBANs/Accounts issued -~10000+,
IT Platform: the company uses SaaS model for banking core system (including various modules such as Open Banking, AML, Sanctions screening, General Ledger, IBAN issuance, SEPA payments, SWIFT payments, Front-end). The company has also developed its own KYC, transaction monitoring, KYC and other data management tools and workflows. It additionally has its own front-end fully developed and connected to the banking core system.
Other 3rd party tools: the company has an agreements with Ondato, iDenfy (for customer authentication via live photo) and Lexis Nexis (for databases for sanctions, PEP, negative information), also Information Security Officer and cybersecurity firm, 3rd party internal audit company, etc,.
AML and Legal documents: the company has all necessary and supplementary procedures, policies and manuals, counting to 40-50 documents. The company has mapped and implemented Kaizen strategies (similar to LEAN) since 2022 to improve efficiency of all its processes.
Price-5.5 million EUR plus capital
Further info-Valters Gencs, info@gencs.eu, Whatsapp/telegram +371-29265441