Multipass is a financial services provider offering global business accounts, multi-currency payments, and cross-border transaction solutions.
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Digital Banking
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Latvia · EMI
A white-label neobank stack for e-money institutions licensed in Latvia
Latvian customers already send instant payments from their bank apps, often to a phone number. Your e-money app will be judged against that. We give you the branded front end, the account logic and the back office, so your Riga team can spend its time on the licence and the customers.
- Branded web, iOS and Android apps
- Latvian, English and 15+ interface languages
- E-money accounts with SEPA and SEPA Instant
- Virtual and plastic cards via your issuer
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What a Latvian EMI can offer customers on day one
Everyday e-money account
A personal account with its own IBAN, card and payment history, opened from the phone in one sitting. Customers see their balance move the moment a transfer settles.
Instant euro payments in the app
SEPA Instant for outgoing and incoming euro transfers, with the payee name check shown before the customer confirms.
Cards under your brand
Virtual cards issued at sign-up and converted to plastic on request. Customers freeze, unfreeze and set limits themselves; you hold the contract with the card issuer.
Accounts for Baltic small businesses
Company onboarding with director and owner checks through connected providers, several users per company and batch payments that need a second approval.
Savings vaults without interest
Pockets where customers park money for a goal, kept as e-money and labelled so nobody mistakes them for a deposit.
What this licence does not cover
- Deposit-taking or interest on e-money. Balances are redeemable at par and are not covered by the Latvian deposit guarantee scheme.
- Lending to customers out of the funds you hold for them.
- Running only as a registered EMI if you plan to grow: that regime caps average e-money outstanding at EUR 2 million and gives no passport.
What the regulator asks about your IT
Each requirement, what the platform gives you for it and who owns it after launch.
Role-based back office access, so the board in Riga approves customers, limits and exceptions itself, with every action logged.
YouTechnical descriptions of the platform written in English, ready for your translator or for the language agreed with Latvijas Banka.
You, with our inputTwo-factor verification in the web and mobile apps for sign-in and payment confirmation.
CrassulaOnboarding questionnaires by client type and identity checks through connected verification providers, with files kept per customer.
Your AML officerCustomer balances held on a ledger that reconciles to your safeguarding account, with exports your finance team checks daily.
Your finance teamArchitecture, hosting, subcontractor and exit information for your ICT policy and register of information.
You, with our inputApp texts, notifications and fee tables you load and edit per language without a release.
You, with your lawyers
Payment rails and providers
Rails your customers can use
SEPA Credit TransferSEPA InstantSWIFTCard paymentsInternal transfers
24/7
real-time processing, no batch window
60+
payment and provider integrations connected
150+
companies run on Crassula
15+
languages the platform speaks
Dates to plan around
Rules that change what you have to build, in the order they apply.
17 Jan 2025
DORA applies to Latvian EMIs. Your file must show how the app stack is covered by your ICT risk framework and register of information.
9 Oct 2025
Payee name checks became mandatory for euro credit transfers sent by payment service providers in the euro area, e-money institutions included.
9 Apr 2027
Latvian EMIs that offer euro transfers must be able to send and receive them as SEPA Instant payments.
Around 2028
PSD3 and the Payment Services Regulation are expected to apply, folding e-money into the payment institution regime.
Preparing an EMI file for Latvijas Banka? Bring us into it early.
Latvijas Banka offers free pre-licensing consultations, and a live demo makes those meetings concrete. We set up the environment, then write the IT parts of your file with you so they describe the system the supervisor will later inspect.
01
A platform you can demonstrate
A configured environment to show the regulator, not slides.
02
The technical part of your application, prepared
IT architecture, customer authentication, ICT risk and DORA register data, outsourcing and continuity sections, written for translation into Latvian.
03
Providers lined up
Banking, safeguarding and KYC providers from our network, matched to your licence.
Crassula provides technology and documentation support. We do not provide legal or regulatory advice and cannot guarantee the outcome of an application.
A Riga launch, step by step
Picture a team planning an everyday account for people who live and work across Latvia and Estonia. They book a pre-licensing consultation with Latvijas Banka and bring a branded demo: Latvian and English interface, a card in the app, and a SEPA Instant payment that lands in seconds.
During the three months Latvijas Banka has to decide once the file is complete, the team tests onboarding flows for consumers and small companies and agrees safeguarding with a credit institution. After authorisation they open sign-ups in Latvia first and add Estonia once the passport notification has gone through.
Licence background: the Latvia EMI and PI guide and our overview of EMI licensing in the EU.
Read the licence guides
FAQ
The application fee is EUR 5,000, or EUR 4,000 if you are already a registered institution. After authorisation there is an annual supervision fee of EUR 7,000 plus up to 1.4% of the related gross income, capped at EUR 100,000.
The law requires documents in the official language. Latvijas Banka can accept individual documents in another language if you agree it in advance, so raise this at the pre-licensing stage. Our technical sections are written in English and easy to hand to a translator.
Latvian banks use Latvijas Banka's Instant Links registry, which maps phone numbers to IBANs. The platform runs SEPA Instant by IBAN today. Joining the phone number registry is a decision for your rails set-up, and we scope that connection with you.
A registered EMI is limited to an average of EUR 2 million in e-money outstanding and cannot passport. A licensed EMI holds EUR 350,000 of capital and can serve the EEA, which suits an app that expects to grow.
The executive board and the legal address have to be in Latvia, and you need a designated AML officer. Developers and support staff can work elsewhere, since the platform runs in the cloud.
A branded environment can be ready in as little as 10 business days, which is usually before your first meeting with the supervisor. Going live depends on the licence, your safeguarding bank and your card issuer.
