NEO Finance AB: Neo Finance, AB - the first company in Lithuania providing a payment initiation service through API

Neo Finance, AB is the first company in Lithuania providing a payment
initiation service through API (Application Programming Interface) with the
most popular banks in Lithuania. This requirement is indicated in Directive No.
2015/2366 of the European Parliament and the Council (hereafter - PSD2) as well
as in Republic of Lithuania Law on Payments. 

The requirements of PSD2 biding all banks operating in the European Union to
provide access to customer accounts to licensed third parties (in most cases to
FinTech companies) in order to provide a payment initiation service, have
entered into force on 14 September, 2019. PSD2 requirements are very important
for NEO Finance as payment initiation service is one of the strategic services
of the company. It is expected that in 3-4 years NEO Finance will operate in at
least 6 countries and will make at least 5 M transactions per month. 

NEO Finance has integrated "Neopay", a payment initiation platform developed by
the company, with all banks in Lithuania which have provided APIs, in a very
short time. Within a few weeks, integration with banks operating in Latvia and
Estonia will be completed as well and a payment initiation service will be
offered to all e-businesses and public service companies operating in the
Baltic states. 

"Transition period to a PSD2 compliant technology solution, where payment is
made through the API through any bank without the need to sign a cooperation
agreement with it, went quite smoothly.  Consumers paying for services or goods
on websites, such as ignitis.lt, vienasaskaita.lt, edrauda.lt, tiketa.lt and
others, are already the first in Lithuania to try an innovative payment
initiation service through most popular banks in Lithuania. There is no doubt
that in the FinTech world this is a huge achievement that can only be equated
with the importance of e-banking," says Evaldas Remeikis, Chair of the Board of
NEO Finance. 

Evaldas Remeikis

Chair of the Board
T.: [phone]
E. [e-mail]