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March 18, 2019

Earthport obtains payment institution licence in Lithuania

Earthport Payment Services has bagged a payment institution licence from the central bank of Lithuania.

The licence enables the company to facilitate credit transfers.

Moreover, it allows Earthport to be involved in the issuance of payment instruments and acquiring of payment transactions.

According to Invest Lithuania, a non-profit organisation owned by Lithuania’s ministry of economy, the latest move enables Earthport to access the single euro payments area (SEPA) directly through its CENTROlink payment system.

Earthport Lithuania general manager Rosie Faulkner was quoted as saying by Invest Lithuania: “The grant of this licence is the first step to allow us to take advantage of the opportunities available to us in a progressive jurisdiction.”

Faulkner calls the selection of Lithuania a “great fit” given the country’s stance on fintech growth.

Lithuania minister of economy and innovation Virginijus Sinkevičius was quoted as saying by Invest Lithuania: “The arrival of this company, in which both Visa and Mastercard have expressed interest, shows that the Lithuanian fintech ecosystem is not just growing, but can already claim to be a hub of choice for global giants.”

Earthport also operates in London, which serves as its base, apart from New York, Miami, San Francisco, and Singapore.

Last December, the Bank of Lithuania granted a pan-European e-money licence to Google.

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