providing banking solutions Payswix, UAB (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. Payswix is focused on providing banking solutions. The company offers virtual personal IBAN accounts in EUR, virtual business IBAN accounts in multiple currencies, SEPA transfers, SWIFT transfers, debit cards, credit card processing, white-label solutions to individuals, businesses. In 2023 Payswix, UAB total safeguarded customer funds were 32.08 mln EUR and revenue was 4.38 mln EUR.
Connecting Payments. Storing and sending funds have never been easier.
Get your e-wallet and EUR iban account to conveniently store funds in one place
Perform fast and smooth multi-currency transactions worldwide
Fulfil all your financial needs from the comfort of your own home
Agency program and corresponding banking
(*)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, Payswix, UAB is assigned the overall rating 4.35 (excellent) which is explained in details below.
| Operating Environment | Very Friendly | (4.96) |
| Product Range | Very Broad | (4.56) |
| Market Niche | Average | (3.24) |
| Company Background | Strong | (4.13) |
| Customer Support | Good | (3.43) |
| Customer Sentiment | Average | (3.05) |
| Transparency | Average | (3.22) |
| Overall Rating | Excellent | (4.35) |
|---|
TheBanks.eu has also identified the following pros and cons of the company:
Personal IBAN Account is a single-currency account, allowing the account holder to have funds in EUR only.
EUR (Euro)Personal Card (MasterCard) can be ordered together with Personal IBAN Account. Virtual cards are not available.
Dedicated IBANs assigned to Personal IBAN Account belong to Lithuania.
Personal IBAN Account is offered to all countries.
Personal IBAN Account is offered with a single pricing plan for all customers.
Payswix cards are prepaid cards, rather than debit cards.
Debit vs Prepaid Cards.Debit cards do not have a separate balance and are connected to an account ore-wallet. Such cards are loaded automatically when the account/e-wallet is being topped up.Prepaid cards have a separate balance from an account or e-wallet.These cards have to be loaded manually, usually from the account/e-wallet.
Payswix cards are issued only as physical (plastic) cards and are delivered to the customer's address.Personal Card is a single currency card, it can be issued in as per account only.
Account in your name
Faster transfers
Multiple IBANs
Batch payments
Send and receive international payments to and from more than 170 countries in 70+ currencies
(*)as stated by the company itself
Business IBAN Account is a single-currency account, allowing the account holder to have funds in EUR only.
EUR (Euro)Business Card (MasterCard) can be ordered together with Business IBAN Account. Virtual cards are not available.
Dedicated IBANs assigned to Business IBAN Account belong to Lithuania.
Business IBAN Account is offered to low and medium risk, high risk, super high risk.
Business IBAN Account is offered with several pricing plans for different customer groups, namely Business, Business Plus, Business Exclusive.
Payswix cards are prepaid cards, rather than debit cards.
Debit vs Prepaid Cards.Debit cards do not have a separate balance and are connected to an account ore-wallet. Such cards are loaded automatically when the account/e-wallet is being topped up.Prepaid cards have a separate balance from an account or e-wallet.These cards have to be loaded manually, usually from the account/e-wallet.
Payswix cards are issued only as physical (plastic) cards and are delivered to the customer's address.Business Card is a single currency card, it can be issued in as per account only.
Accounts offered by Payswix as a part of BaaS are single-currency accounts, allowing account holders to keep their funds in EUR only.
EUR (Euro)Payswix offers issuance of the following card types:
Agent License. A private reseller agreement is signed between Payswix and the company. Payswix assists the company in obtaining Electronic money institution intermediary license from the Bank of Lithuania.
Payswix is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services. Payswix, UAB conducts some crypto-related activities.
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.
Payswix, UAB is not registered with the FCIS as a virtual asset services provider.
Payswix do not offer crypto assets services.
Payswix allows crypto-related businesses to open accounts as well as supports in general transfers to and from crypto platforms.
| thn EUR | 2022 | 2023 | change (%) |
|---|---|---|---|
| Customer Funds | 22,831.00 | 32,079.00 | +40.51% |
| Total Equity | 1,358.00 | 2,204.00 | +62.30% |
| Revenue | 2,915.00 | 4,375.00 | +50.09% |
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. Payswix keeps its customer funds as follows:
| thn EUR | 2023 | share (%) |
|---|---|---|
| Customer Funds In Central Banks | 17,813.00 | 49.74% |
| Customer Funds In Credit Institutions | 0.00 | 0.00% |
| Customer Funds In Low-Risk Liquid Assets | 18,000.00 | 50.26% |
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. Payswix own funds adequacy calculation is shown below:
| thn EUR | |
|---|---|
| Initial Capital Requirement | 350.00 |
| Customer Funds | 32,079.00 |
| Customer Funds Requirement (2%) | 641.58 |
| Own Funds Requirement | 641.58 |
| Own Funds | 2,204.00 |
| Rank | Name | Market % | Customer Funds |
|---|---|---|---|
| 15 (+1) |  UAB IBS Lithuania | 1.66 % | 32.10 mln EUR (+19.57%) |
| 16 (+3) | Payswix, UAB | 1.66 % | 32.08 mln EUR (+40.51%) |
| 17 (-10) |  UAB "NexPay" | 1.66 % | 32.08 mln EUR (-53.92%) |
Lithuania
Payswix, UAB is authorized by the Bank of Lithuania as a e-money institution (authorization number LB000434) for issuance of electronic money, distribution and redemption of electronic money, placing cash to a payment account, 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, money remittance; the authorization was granted on 8 December 2017.
Payswix, 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, Payswix is required to safeguard its customers’ money.
Due to EEA passport rules Payswix, UAB, can conduct its activities in any of the 30 EEA member states.
Payswix, UAB is a SWIFT member and a SEPA (SCT, SDD, SDD B2B) scheme participant.
Payswix, UAB is connected to the following major payment card schemes: Visa, MasterCard.
Lvovo g. 25-104, LT-09320, Vilnius, Lithuania
+370 (8) 52 07 5750
EnglishLithuanianPayswix has profiles on the following social networks:
United Kingdom
Ireland
Ireland
Lithuania
Lithuania
SloveniaNo. Payswix, UAB is not a bank, but an electronic money institution authorized and supervised by the Bank of Lithuania (ref number: LB000434).
Payswix offers IBAN accounts to natural persons and companies worldwide, including those with high-risk profiles.
In 2023 the company became 16th largest e-money institution in Lithuania with market share - 1.66 %.
