The fast-growing platform provides professional international payment services to both individuals and corporate clients. It has entered a payment system operated by the Bank of Lithuania, CENTROlink. This system offers technical access to all types of payment service providers licensed within the European Economic Area (EEA), enabling them to send and receive Single Euro Payments Area (SEPA) payments. PAYMONT gained access to this financial network on April 4th, 2023.

Doing business across Europe cannot get any easier. PAYMONT’s connection to CENTROlink places the platform on equal footing with commercial banks in EUR payment processing. This connection allows PAYMONT to send and receive fast, secure, and direct real-time payments via TARGET2. All EU/EEA banks have clearing accounts in TARGET2, and over 55,000 banks worldwide can be reached through it. Other (non-EU/EEA) international banks access TARGET2 through their branches in EU/EEA states or their correspondent banking network.

SEPA Clearing system by CENTROlink. Source: www.lb.lt

SEPA (Single Euro Payments Area) ensures more transparent incoming and outgoing payments, providing a top-quality financial experience with the highest level of security and reliability for all parties across borders. Additionally, the system allows participants to safeguard clients’ funds directly at the Bank of Lithuania – the Central Bank of the Euro Zone state.

How does this translate into benefits for clients? PAYMONT’s participation in CENTROlink enables the institution to process all payments denominated in the EURO currency, especially large-value payments related to foreign exchange, securities, and money market transactions, in a fraction of the time. The emphasis is on transparency and trackability of payments at all times, with a maximum execution time usually of one business day.

“Less intermediaries are involved in the payment settlement process, resulting in increased safety, reliability, speed and transparency of the payment itself. Furthermore, thanks to the direct settlement of our clients’ payments through the Central Bank of Lithuania, PAYMONT has immediate information and an overview of the status of each individual client’s payment at any time. As we value the time and efforts of our clients, it is vital for us to help all clients send and receive payments as quickly and conveniently as possible, available anywhere, anytime, and most importantly, at a fair price,” claims Marek Košecký, CEO of Paymont UAB.