Finnovative Solutions

DLK Legal advised Finnovative Solutions on obtaining a payment institution license

DLK Legal advised the Lithuanian company Finnovative Solutions UAB in the process of obtaining a payment institution (IP) license before the Bank of Lithuania. The license includes the right to provide the following services regulated by the PSD2 Directive: AIS (account information access service) and PIS (payment initiation service). Finnovative Solutions is a subsidiary of Savangard Ltd. – a leading provider of IT solutions for the financial sector, including in particular solutions designed to provide AIS and PIS services. Savangard offers dedicated tools for both providers of such services and providers of payment accounts.

Advisory services to Finnovative Solutions included a strategic approach to the way payment services are provided as well as preparation of an application and legal advice in the proceedings before the PFSA. The IP license for Finnovative Solutions is the fourth license issued by the Bank of Lithuania to an entity to which DLK Legal provided advisory services.

In the licensing proceedings, the DLK Legal team was led by attorney at law Szymon Zych under the supervision of associate Krzysztof Korus, PhD. The following lawyers also offered their advisory services in the project: Mikołaj Cegłowski and Aleksandra Księżak.

– We are pleased to have been able to support Finnovative Solutions in the process of obtaining its license before the Bank of Lithuania. The fact that Savangard is the shareholder of Finnovative Solutions proves that the IT industry is more and more interested in the financial sector. According to Krzysztof Korus: – Working on a license for an entity intending to provide AIS and PIS services combines issues unique to such types of providers with requirements general to all PIS providers. These general requirements often prove inconsistent with the regulations governing PIS and AIS services, for instance, in the area of AML or capital requirements. Broad experience of DLK Legal as regards dialog with EU regulators was key to the smooth acquisition of the first license covering PSD2 services only. Thanks to the high level of competence and commitment on the part of the regulator, the company and the advisor, the license was obtained in much less than a year.

Lawyers involved in the project:

Krzysztof Korus
attorney-at-law, partner Krzysztof Korus

Mikołaj Cegłowski
attorney-at-law, senior associate Mikołaj Cegłowski

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