The first license to manage the contents of various bank accounts has been issued in Latvia

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As stated FKTK, this type of payment service is considered to be one of the newest types of payment services.

The account information service enables customers to see aggregated information on the content of its payment accounts located in various banks and payment service providers.

The payment institution with the right to provide account information services in Latvia is licensed for the first time, the commission noted.

SIA “Nordigen Solutions” can provide the only payment service specified in its license – account information service. The payment institution’s license is issued for an indefinite period.

This is the fifth payment institution licensed by the FCMC. Two more payment institutions are registered and therefore are entitled to provide payment services only in Latvia with a limited range of payment services and a limit on the arithmetic mean value.

Payment services are entitled to be provided by a commercial company that has received a FCMC license for the operation of a payment institution, or a person who does not need to obtain a license to start a payment institution and is registered in the register of institutions maintained by the FCMC.

Nordigen is a financial technology (“fintech”) start-up founded in 2016 to help banks and alternative lenders take advantage of Open Banking. The company specializes in the analysis of account data, providing transaction categorization and customer behavior evaluation services. Nordigen currently operates in 17 countries.

Nordigen Solutions was registered in April 2016 and has a share capital of EUR 3603. The owners of the company are Roberts Bernāns (28.95%), Rolands Mesters (28.95%), USA “Change Ventures Fund I, LP” (24.37%), Finland “Inventure Fund III Ky” (12.68%) and the UK Seedcamp IV lP (5.05%).

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