The SaaS products offer effortless SEPA integration and regulatory connections with State Tax Inspectorate and State Enterprise Centre of Registers to ensure smooth operations of Electronic Money Institutions (EMIs), payment service providers and specialized banks.
“Vilnius is already positioned as a key hub for fintech services in the European union. In addition to a favorable regulatory environment, a well developed regtech infrastructure makes Lithuania an attractive destination for launching new financial services”, - notes Head of Products at Inventi Jonas Nasliunas.
According to Jonas Nasliunas, Inventi product suite simplifies the road to market for new fintech entities, ensures regulatory compliance and supports quick scale up when businesses grow.
SEPA integration via CENTROlink
SEPA Connector is at the core of Inventi fintech product offering.
Inventi SEPA connector provides access to Single European Payments Area (SEPA) via the CENTROlink platform, owned by the Bank of Lithuania. This platform can be utilized by any financial service provider, licensed in the European Economic Area (EEA).
“SEPA integration is the backbone of any financial service. Inventi SEPA Connector helps to speed up the launch of new services, as we take the leadership of service setup, integration and testing with the Bank of Lithuania”, - adds Jonas Nasliunas.
CENTROlink offers a full range of SEPA services, including credit transfers (SCT), direct debit (SDD), and instant payments (SCT Inst). It enables fintech entities to issue IBAN accounts or utilize current SWIFT BIC and IBAN codes depending on where the service provider is licensed. CENTROlink is also connected to STEP2 and RT1 European payment infrastructures, enabling non-banking institutions to provide a wide scope of alternative banking services.
“We provide periodic updates and improvements adhering to the planned quarterly update cycle of CENTROlink, ensuring business continuity”, - says Jonas Nasliunas.
State Tax Inspectorate integration (TIES)
Lithuania-licensed financial institutions are required to provide regulatory reports to the State Tax Inspectorate. These include daily reports on opened and closed accounts, annual turnover and balance reports, as well as FATCA and CRS reports on foreign national customers.
Inventi TIES integration provides a framework for automated report submission. The platform also provides a graphical user interface for process monitoring, as well as for manual report submission.
“Fintechs are characterized by fast growth. While some financial institutions begin operations with manual reporting, they quickly turn to report automation when the client base starts to grow. TIES Connector eliminates human reporting errors, helps to avoid fines for reporting discrepancies and provides financial institutions with a peace of mind”, - notes Jonas Nasliunas.
According to Jonas Nasliunas, the fines for reporting non-compliance can reach up to 50.000 Eur.
“Fintech regulatory framework is dynamic, reporting requirements may change over time. With periodic connector updates we ensure that the financial institution will be fully compliant with the latest reporting rules”, - adds Jonas Nasliunas.
State Enterprise Centre of Registers integration (PLAIS)
Inventi PLAIS integration connects clients’ core banking platform with the PLAIS system, managed by the Centre of Registers. The connector provides automated processing of account locking, authorisation holds, amount transfers (write-offs) and hold cancellation requests.
“PLAIS integration reduces manual oversight required in daily banking operations, automating an essential part in the regulatory financial institution framework”, - states Jonas Nasliunas.
About Inventi | www.inventi.io
Inventi develops back-office software for leading finance, fintech and large enterprise customers. The company serves leading banks in the Nordic region, as well as the most promising providers of next generation financial services. With extensive industry expertise and superstar engineering, Inventi ensures that the software development process will be smooth from start to finish.