DLK Legal has advised the Lithuanian company Finnovative Solutions UAB on obtaining a payment institution licence (PI) before the Bank of Lithuania. The licence enables the holder to provide services regulated under PSD2: AIS (Account Information Services) and PIS (Payment Initiation Services). Finnovative Solutions is a subsidiary company of Savangard sp. z o.o. – a leading provider of IT solutions for the financial sector, in particular solutions dedicated to providing AIS and PIS services. Savangard provides tools dedicated both for providers of these services and for payment account providers. The project involved corporate issues, a strategic approach to the provision of payment services, as well as drafting filings and assistance in legal proceedings before the Bank of Lithuania. Finnovative Solutions will provide AIS and PIS services. The PI licence for Finnovative Solutions is the fourth licence issued by the Bank of Lithuania for a client advised by DLK Legal.
- We are delighted that we could support Finnovative Solutions in the process of obtaining a licence before the Bank of Lithuania. The fact that Savangard is a shareholder in Finnovative Solutions confirms the growing interest of the IT industry in the financial sector. Krzysztof Korus says – The work on a licence for an entity intending to provide AIS and PIS services combines issues that are typical only for providers of this type, with general requirements for all payment service providers. These general requirements often prove inconsistent with the regulations dedicated to PIS and AIS services, for example in the area of AML or capital requirements. The experience of DLK in holding a dialogue with EU supervisory authorities has been crucial for the smooth obtaining of the first licence covering only PSD2 services. The high level of competence and commitment on the part of the regulator, the company, and the legal counsel made it possible to obtain a licence in a period much shorter than one year.