Comparison of Payment Service Providers (PSPs) by Services
Payment Services
- Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
- Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
- Execution of payment transactions, including transfers of funds on a payment account:
- direct debits;
- credit transfers;
- transactions through a payment card or a similar device;
- Execution of payment transactions, where the funds are covered by a credit line for a payment service user.
- Issuing of payment instruments and/or acquiring of payment transactions.
- Money remittance.
- Payment initiation services.
- Account information services.
Comparison of PSPs
| Services/Type of Payment Service Providers (PSPs) | Bank | Specialised bank | Electronic money institution (EMI) | Payment institution (PI) |
|---|---|---|---|---|
| Payment services | Yes | Yes | Yes | Yes |
| Money exchange | Yes | Yes | Yes | Yes |
| Issuance of electronic money | Yes | Yes | Yes | - |
| Receiving/holding client funds without instructions for payment initiation | Yes | Yes | Yes | - |
| Lending | Yes (core services)* | Yes (core services)* | Yes (additional registration necessary)** | Yes (additional registration necessary)** |
| Receipt of deposits | Yes (core services)* | Yes (core services)* | - | - |
| Investment services, clearing, services related to securities emissions | Yes | - | - | - |
* A credit institution is an institution that provides two core services – accepts deposits or other repayable funds and grants credits. Every business model that does not fall under the traditional concept of a credit institution is evaluated case-by-case, thus an applicant should provide solid justiXcation in order to be granted a banking licence.
** There is no common EU passporting regime for lending services, so any electronic money institution/payment institution wanting to provide loans has to comply with each countries’ national regulations. In terms of lending activities in the Lithuanian market, additional registration regime for consumer credit providers is necessary.
Consumer credit provider is a person other than a natural person, who provides or commits itself to provide consumer credit for business purposes. A person has the right to engage in credit provision activity only after the supervisory authority enters it on the Public List of Consumer Credit Providers. Natural persons and non-profit persons do not have the right to engage in consumer credit provision activity.