Direct SEPA Connection via CENTROlink for Fintech

We assist payment and electronic money institutions with direct SEPA access through the Bank of Lithuania’s CENTROlink system, including client IBAN account setup.

Single Euro Payments Area (SEPA) is payment integration and simplification of pan-European bank transfers denominated in EUR within the SEPA zone and EU/EEA area. In SEPA almost 500 million individuals and over 20 million businesses can make and receive EUR payments across Europe at low cost, fast and easy like domestic payments in their home country.

CENTROlink is a payment system operated by the Bank of Lithuania (Central Bank – member of Eurosystem) providing the payment gateway to the Single Euro Payments Area (SEPA). The Bank of Lithuania provides technical access to SEPA for banks and financial institutions via its own infrastructure.

Direct access to SEPA through CENTROlink for non-banks. All payment service providers (PSPs) including payment and electronic money institution allowed to connect SEPA directly without intermediary commercial banks. CENTROlink allows processing of wide range of SEPA schemes including credit transfers, direct debit transfers and instant payments at low cost under the same terms and conditions as commercial banks.

Who can join SEPA through CENTROlink. Lithuanian license is not obligatory. All banks, specialized banks, payment and electronic money institutions, other PSP’s licenced in EU/EEA/SEPA countries can apply for SEPA connection through CENTROlink.

Why CENTROlink

Availability 24/7/365.
Low cost. SEPA Credit Transfer (SCT) and SCT Inst fees – EUR 0.01 – 0.024. SEPA Direct Debit (SDD) fees – EUR 0.08.
Linked with the European payment systems STEP2, RT1 and TIPS without any additional expense or integration.
No limitation on payment values, number of transactions and number of issued IBAN accounts.
No credit risk. Own and client funds safeguarded, and payments made through the Central Bank. It eliminates the risk and costs usually associated with the funds safeguarding with commercial banks.
Individual client IBAN account generation. Individual client IBAN account generation and opening in the own system. No assistance from the commercial banks needed.
Proxy Lookup Service. Payment initiation using payee’s mobile phone number linked to IBAN account.

Only trusted financial institutions are eligible to join CENTROlink. Inspection based on the KYC and risk assessment process usually carried out by the Bank of Lithuania.

ECOVIS Services

Investigation of the client business model, business needs and risks associated.
Consultancy on the requirements to be met for CENTROlink connection.
Organization of introduction meeting with the Bank of Lithuania.
Assistance in authorisation procedures including completion and submission of KYC qiestionaire toi the Bank of Lithuania.
Assistance in the preparation of the client internal AML/KYC procedures.
Assistance in getting SWIFT/BIC codes.
Representation during the SEPA connection procedure.