Verified Payments operates under the Electronic Money Institution (EMI) license. We are licensed to perform financial operations such as making payments, providing e-money services, and covering other organizations with our license umbrella.
It is issued and regulated by the Central Bank of Lithuania, a member of the European System of Central Banks. Once an EMI is licensed in one of the EU countries, it allows providing services in all the other EU and EEA countries, obtaining the benefits of a common market without any restrictions and additional requirements.
As Lithuania has already implemented the EU Second Payment Services Directive (PSD2) allowing Payment Initiation Services (PIS), Verified Payments can also provide such services. A platform that operates on a PIS basis is a bridge between the customer and the merchant, where the customer provides all the necessary information to conduct a transaction (e.g. account number, amount of transaction, etc.), thus informing the merchant that the transaction has been initiated.
PIS benefit both parties to the transaction. Customers feel safer because they know that they do not have to provide all bank account details when purchasing online. Merchants have a guarantee that the payment has been made, which means that they can deliver goods or provide services to their customers without delay, as soon as customers place orders. This is how PIS ensures a simple, secure, and transparent interaction between customers and merchants when doing business over the internet.
PSD2 also allows an EMI to provide Account Information Service (AIS). This enables users to create a clear overview of their payment accounts with one or more payment service providers, even if they have accounts in different financial institutions or different countries.