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Connection with the CENTROlink System of the Bank of Lithuanian Jurisdiction

Published:
December 10, 2021
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CENTROlink is a transaction system controlled and implemented by the Bank of Lithuania and provides access to the Single Euro Payments Area (SEPA). Through its own infrastructure, the Bank of Lithuania provides technical access to SEPA for all types of payment service providers – banks, credit unions, electronic money or payment institutions that are licensed in the European Economic Area (EEA). CENTROlink system connection is a chance to get access to additional opportunities.

Main Stages of Connection with CENTROlink System of the Bank of Lithuania

  1. Full assessment of the payment service provider and identification of risks (Due Diligence). You will need to fill out a questionnaire and send it along with other required documents to the Bank of Lithuania. The application form and the list of required documents are provided separately.
  2. Non-disclosure agreement (NDA) and access to technical documents. If, after evaluating the received data, it is revealed that the payment service provider meets the requirements specified by the Bank of Lithuania, a signed NDA will be prepared and submitted. Signing an NDA does not guarantee a connection to CENTROlink. After the NDA has been signed, technical documentation on the requirements and functions of CENTROlink is provided.
  3. Application for BIC code from SWIFT. Provides information on obtaining a SWIFT/BIC code.
  4. Application for joining CENTROlink and issuing a financial company code for IBAN accounts. An application for connection to the payment system will be prepared and sent. Financial company codes can only be applied to financial institutions that are licensed in Lithuania.
  5. Registration with the European Payments Council (EPC). Mandatory registration with the EPC is required. For more information, contact the Bank of Lithuania.
  6. A Certification Agreement will be prepared and sent. Once signed, you will receive personal certificates to access CENTROlink.
  7. Registration in the test environment of external payment systems. Depending on the SEPA payment scheme you have defined, the Bank of Lithuania will register you in test zones of external systems (STEP2, RT1, etc.).
  8. Testing in CENTROlink and external payment systems. Within the agreed time frame, you will need to pass an important test, which is installed by the Bank of Lithuania in CENTROlink, as well as in external payment systems, respectively, with the SEPA payment scheme you have chosen. After testing, you will need to provide a test report of the prescribed form.
  9. Agreement with the Bank of Lithuania. You will need to fill out a registration form and provide an opinion of legal capacity issued by third-party lawyers and, if you are outside the EEA, an opinion about your country. You do not need to provide a country opinion if at that time the Bank of Lithuania already has an active legal opinion. An agreement for participation in CENTROlink will be prepared and sent for signing.

Registration in external payment systems STEP2, RT1, etc. is carried out within the timeframe established by the respective payment systems.

ELI DEAL has a large list of offers for sale, in particular, in the category “Banking License“. We reccomend you to pay your attention to the recent businesses in thi field:

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