Phoenix Payments selects Inventi for regulatory report automation

Phoenix Payments will use Inventi STI Connector to streamline regulatory reporting to the Lithuanian State Tax Inspectorate. Inventi STI Connector automates data exchange with the state tax authority, significantly simplifying compliance procedures.
 
VILNIUS, Lithuania - June 9, 2022 - PRLog -- Phoenix Payments is an electronic money institution, focused on alternative banking and payment solutions. Phoenix Payments is among 10 largest Lithuania-based fintech entities based on turnover.

The EMI offers IBAN accounts and SEPA payment processing for individuals and businesses merchants. Phoenix Payments also plans to introduce SWIFT payments and debit card issuing in the near future. The Lithuania licenced fast-growing financial institution serves customers across 75 countries.

"We pride ourselves in cross-border finance expertise, serving multinational businesses and online merchants. With fast growth of our customer base - making into top 10 of largest Lithuanian fintechs, as well as introduction of new services, steadfast regulatory compliance is at the core of our business. Inventi STI connector significantly reduces human resources required for compliance reports and mitigates the risk of reporting errors, so more of our effort can be focused on growing our business" - says Head of AML Compliance and Risk at Phoenix Payments Vilius Pečkaitis.

Inventi STI Connector integrates with the TIES information system, owned by the State Tax Inspectorate of Republic of Lithuania. The connector aggregates the required data at the financial institution and automatically produces compliance reports, including reports on opened and closed accounts, annual turnover, account reports, FATCA and CRS reports on foreign nationals.

In addition to automated reporting, a manual reporting mode was added in the latest product update. In the manual workflow, a compliance officer may manually upload the report file to the STI Connector platform. STI Connector will validate the data, check the report for errors, and submit it to the State Tax Inspectorate. It will also handle additional comments or corrections requested by the regulator.

"The manual reporting mode was developed as a cost-efficient solution for smaller fintech entities, which are just starting out and serve a limited number of customers. Yet it is effortless to transition to the fully automated reporting solution when the business grows" - notes Head of Products at Inventi Jonas Nasliunas.

About Inventi | https://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.

Contact
Mantas Miksys
Marketing partner
***@inventi.lt
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Email:***@inventi.lt
Tags:Fintech
Industry:Financial
Location:Vilnius - Vilnius - Lithuania
Subject:Partnerships
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