Setting the standard for the future of Latvian fintech: xpate becomes the first non-banking institution to secure EKS and SEPA access

In April 2025, Latvijas Banka granted xpate access to its Electronic Clearing System (EKS) for SEPA payments. xpate is the first non-banking institution in Latvia to launch, integrate, and gain such access.

Building a modern financial system hinges on creating equal opportunities for Latvia's fintech pioneers. Latvijas Banka has created a progressive framework for collaboration, and we’re proud to drive forward the vision of an interconnected and competitive payments ecosystem.

As of today, xpate can now independently process seamless SEPA payments across Europe. Achieving an equivalent status to a bank for SEPA transactions, we’ve gained full control over payments to reduce cost, increase speed, and improve reliability for our clients.

Shifting market dynamics

Direct participation in the EKS – the payment system created and maintained by Latvijas Banka to ensure the execution of instant and other payments – has until recently been limited to banks and the State Treasury.
As of October 17, 2024, licensed payment and EMI institutions can also gain direct access to the EKS.

Latvijas Banka is focused on building an internationally competitive financial sector through innovation and collaboration, and granting EKS access for non-banking institutions marks a major shift in the Latvian market for fintech innovation and prosperity.

Its willingness to open the door and grant more opportunities to EMIs and PSPs demonstrates Latvijas Banka’s commitment to the development of Latvia’s fintech movement.

Latvia boasts over 130 fintech companies, and we are proud to be at the forefront of innovation. A laser focus on removing barriers to this innovation is critical to positioning Latvia as an internationally recognised fintech hub.

Working together with Latvijas Banka to drive efficiency and speed

Our collaboration has been seamless and professional, with Latvijas Banka working with us to ensure due diligence and care.

As the first EMI to undergo the process, we underwent complex testing to ensure the technical readiness of our systems, working closely with Latvijas Banka throughout.

Polina Soybelman, Product Manager of xpate, describes the process as follows: "This achievement is a shining example of the extraordinary collaboration, unwavering dedication, and relentless drive across all xpate departments, proving what’s possible when passion meets purpose. My personal deepest gratitude to the Latvijas Banka for their invaluable support and guidance, as well as to our incredible integration partner, Inventi, whose expertise and commitment were imperative in bringing this vision to life in record short timelines."

The cooperation resulted in the fastest ever integration of SEPA – completed in a record three months, compared to the average 1.5 years SEPA integration takes for legacy banks.

Following approval from the European Payments Council, successful test payments were completed through Inventi, which provides the technical integration to the SEPA clearing system.

A shared vision for the prosperity of Latvian fintech

We share Latvijas Banka’s ethos of innovation, and are proud to have created a template for other PSPs and EMIs to follow.

Securing direct access to SEPA is a game changer for xpate and our clients, enabling us to deliver a more competitive service and continue to strengthen Latvia’s position as a leading fintech centre.

Looking ahead, xpate will expand direct SEPA capabilities and continue strengthening our partnership with the Latvijas Banka for future fintech innovations.

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