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REVOLUT will carry out Euro payments in Single Euro Payments Area (SEPA) using payment infrastructure of the National Bank of Lithuania

REVOLUT will carry out Euro payments in Single Euro Payments Area (SEPA) using payment infrastructure of the National Bank of Lithuania

London based global payment processor REVOLUT has chosen Lithuania to open IBAN bank accounts for its clients throughout Europe and use for pan-European SEPA payments infrastructure managed by the central Bank of Lithuania. Lithuanian news portal 15min.lt reported that REVOLUT has also targeted the clients of local Lithuanian banks. REVOLUT will soon propose to transfer salaries, as well as loans, insurance and other services to electronic accounts.

As it is noted by 15min.lt, the company also will build a team of employees, which will be based in Lithuania and will include the head of the country, communications managers and the community leader. “It’s still too early to say about the office, but we are really hiring a country leader who will oversee every aspect of the Lithuanian market and will be responsible for growth here. Currently, Lithuania has 40 000 consumers, and this is one of our biggest markets. But we think that we still have a long way to go here”, – says Chad West, head of the REVOLUT brand for communications. He adds that there should be no problems with recruiting people in Lithuania.

The company will integrate the use of cryptocurrency into the proposed app – users will be able to keep, issue or transfer “Bitcoin”, “Litecoin” and “Ethereum” electronic currencies. The company plans to offer both loan and insurance policies to the application users. Free application services include transfers, currency exchanges, cash withdrawals from the card up to £ 200 all around the world.

“Currently, Lithuania has 40 000 consumers, and this is one of our biggest markets. But we think that we still have a long way to go here”, – says Chad West, head of the REVOLUT brand for communications.

REVOLUT decision to make payments in Euro through the payment infrastructure of the Bank of Lithuania in the whole SEPA area is evaluated as a targeted implementation of the company’s commitments undertaken in autumn 2016 according the Memorandum of Understanding signed between the Bank of Lithuania and the company”, – says Marius Jurgilas, Member of the Board of the Bank of Lithuania.

He believes that Lithuania has targeted to set the country into a center for FinTech companies, and REVOLUT is the first outcome of these aspirations.

“REVOLUT is one of the new and innovative payment service providers offering convenient payment services and forcing other competitors to tune in”, – notes M. Jurgilas and believes that this is a recognition for Lithuania and the Bank of Lithuania.

The Bank of Lithuania continues to expand the possibilities of the retail payment system and to enable financial institutions and their clients connected to the system to provide real time payments in Euro area – they would be carried out just in a few seconds around the clock, year-round, without rest days.

“REVOLUT is one of the new and innovative payment service providers offering convenient payment services and forcing other competitors to tune in”,– notes M. Jurgilas, Member of the Board of the Bank of Lithuania.

REVOLUT two years ago has positioned itself as an alternative to banks for people who are traveling a lot. You can open an account just within 60 seconds, free international money transfers, exchange currency at the interbank exchange rate, and pay with MasterCard without fees.

This review was prepared according the article published in Lithuanian at 15min.lt – https://www.15min.lt/verslas/naujiena/finansai/revolut-kerta- bankams-is- peties-lietuvoje- atidaro-biura-siulys- pervesti-atlyginimus- 662-824748.

More about finance institution licensing in Lithuania – http://ecovis.lt/fintech.

ECOVIS Finance Institution Team contacts – http://ecovis.lt/fintech-team/.

Inga Karulaitytė – Kvainauskienė