Press release 2026-10-06
NEO Finance, AB, a Lithuanian electronic money institution licensed by the Bank of Lithuania, provides transfer of rights and obligations services to payment institutions (PIs) and electronic money institutions (EMIs) in Europe that are winding down their operations.
The service is intended for PIs and EMIs that, when ceasing their activities, need to safely and smoothly transfer their obligations to customers and/or their electronic money to another licensed service provider. NEO Finance can coordinate the entire transfer process – from preparation and coordination with the relevant supervisory authority to the transfer of obligations and/or electronic money and customer communication.
NEO Finance has already successfully completed two such projects. This experience enables the company to offer PIs and EMIs winding down their operations a transfer process and infrastructure that have been tested in practice.
“When a payment or electronic money institution is winding down its operations, transferring obligations to customers is a complex process that requires regulatory, technological and customer communication aspects to be carefully coordinated. The two projects we have already completed have given us valuable practical experience, allowing us to offer this expertise to other PIs and EMIs licensed in Europe,” says Evaldas Remeikis, Head of Administration at NEO Finance.
NEO Finance’s transfer of obligations service includes:
preparation of the transfer plan and process, and coordination with the relevant supervisory authority;
preparation of an agreement between the parties involved in the process;
transfer of obligations and/or electronic money;
customer communication.
Transferred customer obligations and/or electronic money are handled by NEO Finance in accordance with the safeguarding requirements applicable to electronic money institutions.
About NEO Finance
NEO Finance, AB is an electronic money institution licensed by the Bank of Lithuania and authorised to carry out 13 different types of activities in the financial market. The company provides payment and electronic money services and operates in the peer-to-peer lending market. Its peer-to-peer lending services are provided under the “Paskolų Klubas” brand, while its payment services are offered under the “Neopay” brand, providing open banking solutions to merchants in the Baltic States and other European Union markets.
Head of Marketing and Communications
Domantas Bukauskas
Email: domantas.bukauskas@neofinance.com