creating business payment solutions Okeo Payments, UAB (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. Okeo Payments is focused on creating business payment solutions. The company offers business IBAN accounts, currency exchange, international transfers to companies. In 2023 Okeo Payments, UAB total safeguarded customer funds were 1.11 mln EUR and revenue was 12,000.00 EUR.
European Economic Area
United KingdomMulticurrency account for small business
(*)as stated by the company itself
13 August 2024, by Anna Mileiko
TheBanks.eu has developed a proprietary methodology to assign ratings to payment institutions based on their operating environment, company background, business model, market niche, product range, transparency, customer support and customer sentiment. According to the methodology, Okeo Payments, UAB is assigned the overall rating 3.10 (average) which is explained in details below.
| Operating Environment | Very Friendly | (4.96) |
| Product Range | Focused | (2.29) |
| Market Niche | Broad | (3.62) |
| Company Background | Poor | (2.57) |
| Customer Support | Poor | (1.92) |
| Customer Sentiment | Poor | (1.92) |
| Transparency | Average | (3.22) |
| Overall Rating | Average | (3.10) |
|---|
TheBanks.eu has also identified the following pros and cons of the company:
Free IBAN account on your company name
Truly multicurrency account to keep funds in EUR, GBP, PLN and USD
Multicurrency payments in 12 currencies delivered the same business day
FX rates even 5 times better than in traditional banks
Proprietary online banking designed for business
(*)as stated by the company itself
IBAN Business Account is a multi-currency account, allowing the account holder to have funds in the following currencies:
BGN (Bulgarian lev)
CHF (Swiss franc)
CZK (Czech koruna)
DKK (Danish krone)EUR (Euro)GBP (Pound sterling)
HRK (Croatian kuna)
HUF (Hungarian forint)
NOK (Norwegian krone)
PLN (Polish złoty)
RON (Romanian new leu)
SEK (Swedish krona/kronor)
USD (US dollar)Payment cards are not offered together with IBAN Business Account.
Dedicated IBANs assigned to IBAN Business Account belong to Lithuania.
IBAN Business Account is offered to EEA based, non-EEA based.
IBAN Business Account is offered with several pricing plans for different customer groups, namely Free, Lite, Premium.
Okeo Payments is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services.
The FCIS is responsible for supervision of the activities of Virtual currency exchange operators and (or) Depository virtual currency wallet operators related to the prevention of money laundering and/or terrorist financing.
Okeo Payments, UAB is not registered with the FCIS as a virtual asset services provider.
Okeo Payments do not offer crypto assets services.
| thn EUR | 2022 | 2023 | change (%) |
|---|---|---|---|
| Customer Funds | 827.00 | 1,105.00 | +33.62% |
| Total Equity | 468.00 | 843.00 | +80.13% |
| Revenue | 0.00 | 12.00 |
According to the Electronic Money Directive of the European Union, an electronic money institution must safeguard customer funds in a separate account in a credit institution or invested in secure, liquid low-risk assets. Okeo Payments keeps its customer funds as follows:
| thn EUR | 2023 | share (%) |
|---|---|---|
| Customer Funds In Central Banks | 1,105.00 | 100.00% |
| Customer Funds In Credit Institutions | 0.00 | 0.00% |
| Customer Funds In Low-Risk Liquid Assets | 0.00 | 0.00% |
According to the Electronic Money Directive of the European Union, an electronic money institution must maintain a certain level of own funds which is calculated as a maximum of the initial capital required and 2.00 % of its customer's funds. Okeo Payments own funds adequacy calculation is shown below:
| thn EUR | |
|---|---|
| Initial Capital Requirement | 350.00 |
| Customer Funds | 1,105.00 |
| Customer Funds Requirement (2%) | 22.10 |
| Own Funds Requirement | 350.00 |
| Own Funds | 843.00 |
| Rank | Name | Market % | Customer Funds |
|---|---|---|---|
| 47 (+17) |  Bebawa, UAB | 0.06 % | 1.12 mln EUR (+6,116.67%) |
| 48 (+1) | Okeo Payments, UAB | 0.06 % | 1.11 mln EUR (+33.62%) |
| 49 (-4) |  UAB „NIUM EU“ | 0.05 % | 895,000.00 EUR (-18.26%) |
Lithuania
Okeo Payments, UAB is authorized by the Bank of Lithuania as a e-money institution (authorization number LB001991) for issuance of electronic money, distribution and redemption of electronic money, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions; the authorization was granted on 13 August 2020.
Okeo Payments, UAB is not a bank, it can't collect deposits from public or loan out its clients’ money. Hence, it does not have to participate in deposit guarantee schemes. However, Okeo Payments is required to safeguard its customers’ money.
Due to EEA passport rules Okeo Payments, UAB, can conduct its activities in any of the 30 EEA member states.
Okeo Payments, UAB is a SWIFT member and a SEPA (SCT) scheme participant.
Gedimino ave. 20, 01103, Vilnius, LithuaniaEnglishOkeo Payments has profiles on the following social networks:
United Kingdom
Norway
Lithuania
Ireland
Lithuania
Ireland
