Baltic Banking Service 100% acquired by iSignthis

2019-03-21
Baltic Banking Service 100% acquired by iSignthis

iSignthis Ltd is pleased to announce that it has acquired 100% of the share capital of UAB Baltic Banking Services (“BBS”).

BBS is located in Lithuania, and has developed specialised banking software that allows rapid connectivity to the SEPA Core and SEPA Instant networks, together with the development of specialised core banking modules on a basis of document driven solution including client onboarding (KYC, AML), transaction core, product configuration, electronic document management (automated document relations and storage), reporting etc, which will integrate with Paydentity™ and incorporate components of iSignthis’ patentedintellectual property.
With Lithuania becoming a jurisdiction of choice for banking, payments and emoney operators1, the Company sees advantages in BBS’ integration with the Central Bank of Lithuania’s (“CBL”) CENTROLink service2. The CBL provides technical access for any EU authorised bank, emoney institution and payment service provide (“PSPs”), enabling the PSPs to send and receive SEPA payments. CENTROlink is a payment system operated by the Bank of Lithuania, providing a key gateway, clearing, and settlement mechanism (“CSM”) to the Single Euro Payments Area (SEPA).