E-money institution license of NEO Finance, AB is supplemented by Account information service (AIS)

On the 14th of May, 2020 in the accordance with the Board of the Bank of Lithuania, NEO Finance, which operates the largest P2P lending platform in Lithuania, Paskolu Klubas and the payment initiation service Neopay, has had an Account information service (AIS) license added to its unlimited e-money institution license.

The unlimited e-money institution license allows the company to operate throughout the European Union and ensures the security of customers' funds, and its new addition, the account information service, will provide the company with even more tools to improve the financial instruments it manages. Although AIS is an information service and does not initiate payment, the data obtained through AIS can be very valuable and can be used to make more informed decisions about the solvency of potential customers and their payment habits.

„We are happy that from now on we will be able to improve the services provided by NEO Finance with the help of AIS," says A. Loskutovas, the head of the company's open banking department. „Obtaining a supplemented license is an important step in further developing services in an open banking environment, where we have already achieved excellent results with the Neopay payment initiation service. AIS will also bring significant benefits to the company's P2P lending activities - the opportunity to be one of the first in the Lithuanian market to use highly reliable information directly from banks in the assessment of borrowers.” NEO Finance assures that information using AIS is obtained only with personal consent and ensures data security.

The company plans to introduce new services to third parties under the account information service license in the near future.

Aleksejus Loskutovas
Head of the Open Banking Department
Email: [email protected]