alternative banking and payment solutions Phoenix Payments UAB (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. Phoenix Payments is focused on alternative banking and payment solutions. The company offers payment processing, mobile point-of-sale, multi-currency IBAN accounts, e-wallet accounts, escrow accounts, debit cards, prepaid cards to escrow agents, individuals, businesses, online merchants. In 2023 Phoenix Payments UAB total safeguarded customer funds were 99.99 mln EUR and revenue was 56.85 mln EUR. Phoenix Payments UAB is doing business as Ibanera.
All-in-one innovative financial services platform that provides you and your business a convenient, seamless and user-friendly experience
Providing services to customers of various sizes in a multitude of industries globally
Manage your multi-currency deposit accounts, prepaid cards, merchant account, transfers, and currency exchange
Fast KYC, secure on-boarding process
(*)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, Phoenix Payments UAB is assigned the overall rating 3.75 (good) which is explained in details below.
| Operating Environment | Very Friendly | (4.96) |
| Product Range | Broad | (3.81) |
| Market Niche | Broad | (4.00) |
| Company Background | Strong | (3.44) |
| Customer Support | Average | (2.67) |
| Customer Sentiment | n/a | |
| Transparency | High | (3.91) |
| Overall Rating | Good | (3.75) |
|---|
TheBanks.eu has also identified the following pros and cons of the company:
Personal Account is a multi-currency account, allowing the account holder to have funds in the following currencies:
EUR (Euro)
USD (US dollar)
GBP (Pound sterling)
JPY (Japanese yen)
RUB (Russian ruble)A payment card can be ordered together with Personal Account. Virtual cards are not available.
Personal Account is offered to EU residents, non-EU residents, high risk.
Personal Account is offered with several pricing plans for different customer groups, namely Group 1, Group 2, Group 3.
Business Account is a multi-currency account, allowing the account holder to have funds in the following currencies:
EUR (Euro)USD (US dollar)GBP (Pound sterling)JPY (Japanese yen)RUB (Russian ruble)A payment card can be ordered together with Business Account. Virtual cards are not available.
Business Account is offered to EEA based, low risk, EEA based, high risk; non-EEA based, low risk, non-EEA based, high risk.
Business Account is offered with several pricing plans for different customer groups, namely Group 1, Group 2, Group 3.
Phoenix Payments is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services. Phoenix Payments UAB does not conducts any crypto-related activities.
Phoenix Payments UAB is not registered with the Financial Crime Investigation Service as a virtual asset services provider.
Phoenix Payments do not offer crypto assets services.
| thn EUR | 2022 | 2023 | change (%) |
|---|---|---|---|
| Customer Funds | 92,725.00 | 99,994.00 | +7.84% |
| Total Equity | 7,645.00 | 7,601.00 | -0.58% |
| Revenue | 50,957.00 | 56,851.00 | +11.57% |
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. Phoenix Payments keeps its customer funds as follows:
| thn EUR | 2023 | share (%) |
|---|---|---|
| Customer Funds In Central Banks | 48,368.00 | 42.62% |
| Customer Funds In Credit Institutions | 65,122.00 | 57.38% |
| 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. Phoenix Payments own funds adequacy calculation is shown below:
| thn EUR | |
|---|---|
| Initial Capital Requirement | 350.00 |
| Customer Funds | 99,994.00 |
| Customer Funds Requirement (2%) | 1,999.88 |
| Own Funds Requirement | 1,999.88 |
| Own Funds | 7,601.00 |
| Rank | Name | Market % | Customer Funds |
|---|---|---|---|
| 5 (-2) |  UAB "ConnectPay" | 5.22 % | 100.78 mln EUR (-24.27%) |
| 6 (-2) | Phoenix Payments UAB | 5.17 % | 99.99 mln EUR (+7.84%) |
| 7 (+21) |  DiPocket, UAB | 4.60 % | 88.98 mln EUR (+850.05%) |
Lithuania
Phoenix Payments UAB is authorized by the Bank of Lithuania as a e-money institution (authorization number LB000477) for issuance of electronic money, distribution and redemption of electronic money, 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 20 November 2018.
Phoenix 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, Phoenix Payments is required to safeguard its customers’ money.
Due to EEA passport rules Phoenix Payments UAB, can conduct its activities in any of the 30 EEA member states.
Phoenix Payments UAB is a SWIFT member and a SEPA (SCT, SCT Inst) scheme participant.
Phoenix Payments UAB is connected to MasterCard payment card scheme.
Vilniaus m. sav. Vilniaus m. Mėsinių g. 5, 01133, Vilnius, Lithuania
(844) 369 – 2529EnglishPhoenix Payments has profiles on the following social networks:
United Kingdom
Slovenia
Spain
Lithuania
Luxembourg
Denmark
