Electronic Money Institutions (EMI) & Payment Services Providers (PSP) that are being licensed in an European Union (EU) Member State may conduct business and provide services in all EU/EEA countries, thus enjoying the benefits of a Common Market without any restrictions whatsoever and additional requirements raised by the national regulators (“passporting”). The Single Euro Payments Area (SEPA) – 500 Million consumers and over 20 Million businesses making and receiving payments in Euro at a low cost, under the same basic conditions, rights and obligations, regardless of their location within Europe.
These Lithuanian licensed institutions (EMI/PSP) are allowed to join SEPA directly as Banks.
Both could be provided from scratch to qualified applicants within 3 months and at an all-inclusive cost of 48,000 EUR.
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