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E2E crosses Sepa area with GlobalNetint Lithuanian e-money license

Source: E2E

E2E Global ltd, the payment service provider entered into partnership with GlobalNetInt, UAB an E-money institution from Lithuania.

E2E Pay became a licensed EMI agent, which will be supervised by the Bank of Lithuania (BOL) and will be working under the GlobalNetInt company. This eventually gives to E2E Pay access to Single Euro Payment Area (SEPA) to provide payment services to its clients in the whole EU regardless of Brexit.

GlobalNetInt is an Electronic Money Institution established in 2017 and fully licensed by the Bank of Lithuania. Company specializes in serving clients from around the world and providing them with a wide range of payment solutions, including issuance of SEPA EUR IBANs. GlobalNetInt vision is to become the dominant payment partner across Europe, and be the ‘heartbeat’ of the payment industry, connecting banks, payment service providers and businesses. Despite the Brexit GlobalNetint is aiming to provide EMI agent license to any Payment Service Provider from the whole EU.

The idea is to help them continue the business in continental Europe with seamless agent licensing program and, if needed, to provide them with high-tech business model for new business start in payment industry.

Mr. Liudvikas Kulikauskas, CEO of GlobalNetInt, UAB says “We have predicted, that in any scenarios related to Brexit, all payment providers in United Kingdom from this industry will face an issue by keeping operational readiness in Europe after Brexit. Especially, because the EMI certification process in any EU central bank takes more than a year and costs a fortune. Having those aspects in mind we developed a unique solution to our existing and future partners. Providing them with our in-house developed payment platform and our EMI agency licensing program gives to our clients a full stack business model and gets them operational in extremely short period of time after the contracts are signed. This is a unique proposition in payments industry today!”

Mr. Eran Shif, CEO of E2E Pay says “E2E means End-to-End payment services to our clients and I am happy to say, that partnership with GlobalNetInt helped us to expand our operations to entire SEPA region in just few months. We know market very well and we were considering to very high EMI licensing costs what includes application fees, legal expenses and infrastructure cost. Not to mention about very long licensing process time, daily project maintenance and what resource it may require. While GlobalNetInt relieved us of so many costs and allowed to significantly reduce the required investments. Now we can offer our clients a complete payment service package, including SEPA IBANs, SWIFT payments, Currency Exchange - all that just for the fraction of the original cost.”

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