SatchelPay has been cleared by the Bank of Lithuania

 
VILNIUS, Lithuania - Nov. 28, 2019 - PRLog -- SatchelPay, one of the leading European electronic money institutions, has been cleared by the Bank of Lithuania to resume all suspended services. This comes after the Bank of Lithuania imposed a temporary hold on selected SatchelPay services, following concerns raised by an audit that took place last spring. SatchelPay was immediately informed of the positive decision by the Bank of Lithuania, which communicated that all suspended services may be resumed.

Issued an electronic money institution (EMI) licence in March of 2018, by the end of the same year SatchelPay was ranked 17th among EMIs in terms of revenue generated. This exponential growth turned out to come at a cost for the firm, which was reflected in the accounting concerns that surfaced in the spring of this year.

By April of 2019, SatchelPay (http://satchelpay.com/), in accordance with regulations laid out by the Bank of Lithuania, was obliged to provide the Bank with a set of audited financial statements and a profit distribution plan. The Bank was not fully satisfied with the documentation provided and therefore imposed a temporary suspension on the firm's services, while working with the firm and taking the time to get SatchelPay where it felt it needed to be, structurally and operationally.

The Bank established strict compliance laws to ensure that the health of the rapidly growing industry is never in jeopardy.

The suspension took effect this August and was followed by a SatchelPay blog post assuring clients that the issues at stake were being addressed and the situation would be resolved shortly. In cooperation with the bank, SatchelPay refined its corporate structure to maximize risk mitigation measures and established a solid framework that can accommodate the anticipated future growth of the platform.

Contact
Michael Tamberg, Head of PR at SatchelPay
***@satchelpay.com
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Tags:Finances
Industry:Banking
Location:Vilnius - Vilnius - Lithuania
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