Comparison of service providers and requirements
Please consult the comparison of service providers and the relevant requirements below to facilitate decision-making on the type of Latvijas Banka's permit that would be required for the provision of planned payment services or e-money business.
| Payment institution | E-money institution | |||
| Registration | Licence | Registration | Licence | |
| Payment services | Money remittance Issue of payment instrument EUR 3 000 000 (maximum monthly payments) |
Money remittance Issue of payment instrument EUR 3 000 000 (maximum monthly payments) |
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| E-money issue | Closed loop only EUR 2 000 000 (maximum average amount of e-money in circulation) |
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| Area of the provision of services | In Latvia only Customers related to Latvia |
EEA | In Latvia only Customers related to Latvia |
EEA |
| Involving representatives | ||||
| Own funds | The total sum of the items of the balace sheet section "Own funds" is not negative | EUR 20 000-125 000 Insurance policy (if account information service or payment initiation service is provided) |
The total sum of the items of the balace sheet section "Own funds" is not negative | EUR 350 000 |
| Assessment of the acquisition of a qualifying holding | Assessed at a reduced level, i.e., there must be good repute | Assessed at a reduced level, i.e., there must be good repute | ||
| Assessment of officials | ||||
| Application of anti-money laundering requirements | ||||
| Fee for examination of application | EUR 2500 __________ EUR 450 if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level |
EUR 5000 __________ EUR 450 if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level |
EUR 2500 __________ EUR 450 if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level |
EUR 5000 __________ EUR 450 if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level |
| Fee for supervision (annual) | Not more than EUR 100 000 __________ EUR 1000 + up to 1.4% (inclusive) of gross revenue related to the provision of services __________ EUR 1000 for the first three years, if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level |
Not more than EUR 100 000 __________ EUR 7000 + up to 1.4% (inclusive) of gross revenue related to the provision of payment services __________ EUR 3000 + up to 1.4% (inclusive) of gross revenue related to the provision of payment services (if only account information services or payment initiation services are provided (or both)) __________ EUR 1000 for the first three years, if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level |
Not more than EUR 100 000 __________ EUR 1000 + up to 1.4% (inclusive) of gross revenue related to the provision of the e-money institution services __________ EUR 1000 for the first three years, if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level |
Not more than EUR 100 000 __________ EUR 7000 + up to 1.4% (inclusive) of gross revenue related to the provision of e-money institution services __________ EUR 3000 + up to 1.4% (inclusive) of gross revenue related to the provision of e-money services (if only account information services or payment inititation services are provided (or both)) __________ EUR 1000 for the first three years, if it is planned to provide an innovative service, i.e., a new or substantially improved payment service at Latvia's level |
| Period of examination of application* | 1 month | 3 months | 1 month | 3 months |
* Latvijas Banka may extend the deadline if the information is insufficient or the documents are incomplete.
Consultations with experts of Latvijas Banka
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