Independent Payments Council will strengthen dialogue within payments market in search for benefits for users and service providers

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2017 11 22

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An independent Payments Council, which is to help develop Lithuania’s payments market, commenced work on 21 November this year. During their first meeting, representatives of payment service providers, enterprises and residents, state authorities and the academic community, participating in the Council’s activities, decided to single out universally relevant payments market issues, and will try to find solutions to them. The Payments Council has been established on the initiative of the Ministry of Finance and the Bank of Lithuania.

‘For the payments market both in Lithuania and Europe it is now the time of active change – the relations between banks and FinTech companies as well as regulation are changing, the expectations of payment services users have been increasing.     We have established the Payments Council following the best practices in other European countries – small in composition and representative of all parties concerned. The Council will provide a platform where all parties concerned will be able to put forward and discuss payments related issues of relevance to them, cooperate in creating an effective payments market in Lithuania that will meet the expectations of residents and enterprises,’ says Loreta Maskaliovienė, Vice-Minister of Finance and Chair of the Payments Council.   

There had been no such organised forum in Lithuania to date that would bring together all parties concerned about the development of the payments market and systemically tackling its relevant issues.

‘During the public consultation on the National Payments Strategy organised by the Bank of Lithuania, market participants expressed massive support for our idea to establish a Payments Council, emphasising the significance of its independence. We are glad that the Payments Council will provide the possibility for payments market participants to choose issues under discussion on their own and have no doubt this will allow service users to be heard, and will encourage to directly talk to service providers and state authorities. We are certain that cooperation of all parties concerned will bring benefits for both users and service providers,’ says Marius Jurgilas, Member of the Board of the Bank of Lithuania and Deputy Chair of the Payments Council. 

In a coordinated manner, the members of the Payments Council will discuss directions for the development of Lithuania’s payments market, problematic aspects, monitor how payments policy measures are being implemented and how innovations emerging in the market are applied. Moreover, the Payments Council will submit proposals for payments market participants and institutions formulating and implementing monetary policy on how to address payments market issues, what monetary policy directions to choose and what measures to implement.

Decisions of the Payments Council will be published on the websites of the Bank of Lithuania and the Ministry of Finance.

Public Relations Division
vrs@finmin.lt
www.finmin.lrv.lt