--- title: "Money Transfer Software for Latvian Payment Institutions" description: "Remittance and payout software for a Latvijas Banka PI: SEPA Instant, SWIFT corridors, FX margins, batch payouts and IT part of your licence application." url: "https://crassula.io/solutions/money-transfer/latvia-payment-institution/" lang: "en" image: "https://crassula.io/static/images/og/crassula-default.d7d01fb8a962.jpg" alternates: "en": "https://crassula.io/solutions/money-transfer/latvia-payment-institution/" "de": "https://crassula.io/de/solutions/money-transfer/latvia-payment-institution/" "es": "https://crassula.io/es/solutions/money-transfer/latvia-payment-institution/" "fr": "https://crassula.io/fr/solutions/money-transfer/latvia-payment-institution/" "x-default": "https://crassula.io/solutions/money-transfer/latvia-payment-institution/" index: "https://crassula.io/llms.txt" --- Latvia · Payment institution # Remittance and payout software for Latvian payment institutions Since October 2024 a Latvian PI can join Latvijas Banka's own clearing system and send SEPA Instant payments without a bank in between. Whatever route you choose, the transfer logic, pricing and payer data have to be right first. That is the part we run. [Request demo](https://crassula.io/request-demo/) [Money Transfer →](https://crassula.io/solutions/money-transfer/) Your market**Latvia**Payment institution - Remittances and business payouts - Corridor pricing with FX margins - Payout files with approval steps - Funds tracked per transfer Rails your customers can use **SEPA Instant****SEPA Credit Transfer****SWIFT****Internal transfers** What the regulator asks about your IT**7** Case Studies ## See what teams build with Crassula. ![Paysend](https://crassula.io/static/images/solutions/cases/logo-paysend.1177d744fb9a.png) - SEPA Credit - SEPA Instant - SEPA Direct Debit Live on Crassula ### [SEPA connectivity for a global payments business.](https://crassula.io/cases/paysend/) A technical connector for SEPA Credit, SEPA Instant and SEPA Direct Debit, with back-office and ledger capabilities. [Read case study: Paysend](https://crassula.io/cases/paysend/) ![Multipass](https://crassula.io/static/images/solutions/cases/logo-multipass.7fb14a8eede7.png) - Multi-currency accounts - Cross-border payments - BaaS connections Live on Crassula ### [Custom financial products for global businesses.](https://crassula.io/cases/multipass/) Global business accounts, multi-currency payments and cross-border solutions, supported by Crassula APIs and BaaS connections. [Read case study: Multipass](https://crassula.io/cases/multipass/) Money Transfer · Payment institution ## Transfer services a Latvian PI can run ### Remittances from Latvia Senders top up, choose a recipient abroad and see the rate, the fee and the amount the recipient gets before they pay. ### Mass payouts for platforms Gig platforms and marketplaces send hundreds of payouts in one file or API call, released only after a second person in your team approves the batch. ### FX priced per corridor Spreads and fees set in price lists for each currency pair and client group, so a new corridor is a configuration change rather than a code change. ### Payment accounts for repeat senders Accounts with IBANs used only to execute transfers, with the balance shown as money waiting to be paid out. ### Returns and recalls Each transfer keeps its own status trail, so a rejected payment can be traced and the money returned to the right sender. ### What this licence does not cover - Stored-value wallets that customers keep topped up for spending. That is e-money and needs an EMI licence. - Cross-border remittance as a registered PI. Registration covers Latvia only, with a ceiling of EUR 3 million in average monthly transactions. - Deposit-taking or interest on balances held for transfers. Your market ## What the regulator asks about your IT Each requirement, what the platform gives you for it and who owns it after launch. 1 Capital for the services in your licence A plain list of the payment services the platform performs, so your services list and your capital tier match. You, with your lawyers 2 Safeguarding by separate account, liquid assets or insurance Per-transfer ledger records that show which funds are in transit, ready to reconcile with whichever method you choose. Your finance team 3 Payer and payee details travelling with each transfer Sender identity and address captured at onboarding and attached to each outgoing payment, with incoming data checked. Shared 4 Corridor risk assessment under the Latvian AML law Limits per corridor and client type, plus transfer exports for your screening and monitoring tools. Your AML officer 5 Payee name check before a euro transfer is sent Name and IBAN data passed to your verification of payee service and the result shown to the sender. You, with your rails provider 6 Outsourcing notice and DORA register entries Service description, data locations, subcontractors and exit terms for your register of information. You, with our input 7 Payment continuity if a route goes down Backups, recovery procedures and an incident process that keeps every in-flight transfer traceable. Shared Latvia ## Payment rails and providers Rails your customers can use SEPA Instant SEPA Credit Transfer SWIFT Internal 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 Latvia ## Dates to plan around Rules that change what you have to build, in the order they apply. 1. **17 Oct 2024** Latvijas Banka opened its Electronic Clearing System (EKS) to licensed payment and e-money institutions. By May 2026, 13 non-bank firms took part. 2. **9 Oct 2025** Every PI in the euro area that sends credit transfers must offer the payer a payee name check, for regular and instant euro payments alike. 3. **9 Apr 2027** Latvian payment institutions must be able to receive and send euro transfers instantly. 4. **10 Jul 2027** The EU Anti-Money Laundering Regulation applies, with harmonised due diligence rules for senders you onboard. 5. **Around 2028** PSD3 is expected to apply. Existing PIs will need to show Latvijas Banka they meet the new rules to keep operating. Payment institution ## Applying for a PI licence with Latvijas Banka? Name us in your file. Latvijas Banka has three months to decide once your documents are complete, so a file that answers the IT questions the first time matters. We bring a running transfer platform and write the technical sections around it. [Talk to us about your application](https://crassula.io/request-demo/) Crassula provides technology and documentation support. We do not provide legal or regulatory advice and cannot guarantee the outcome of an application. 1. 01 ### A platform you can demonstrate A configured environment to show the regulator, not slides. 2. 02 ### The technical part of your application, prepared Payment flows, IT security, ICT risk and DORA, outsourcing and business continuity sections for your Latvijas Banka file. 3. 03 ### Providers lined up Banking, safeguarding and KYC providers from our network, matched to your licence. ![A business traveller checking a phone before a journey.](https://crassula.io/static/images/features/people/global-1200.aed85c69e1b8.webp) Money Transfer ## A payout business in Riga Imagine a team that pays freelancers and couriers on behalf of delivery platforms in the Baltics and Poland. They apply for a PI licence covering money remittance and payment accounts, and show Latvijas Banka how a payout file is approved, priced and released line by line. Euro payouts go out over SEPA Instant from launch. Zloty payouts follow through a connected provider over SWIFT once its onboarding is done, and the team later weighs joining EKS directly to cut out the intermediary on euro routes. Further reading: the [Latvia EMI and PI guide](https://crassula.io/guides/licenses/latvia-emi-pi/) and [how payment institution licences work](https://crassula.io/guides/licenses/payment-institution/). Guides ## Read the licence guides ![Latvia EMI and PI License in 2026: The Complete Latvijas Banka Guide](https://crassula.io/static/images/guides/latvia-emi-pi/riga-gables-preview-960.4e63f7a7c8e2.jpg) ### [Latvia EMI and PI License in 2026: The Complete Latvijas Banka Guide](https://crassula.io/guides/licenses/latvia-emi-pi/) ![Payment Institution (PI) License in 2026: The Complete Guide](https://crassula.io/static/images/guides/payment-institution/payment-arrow-preview-960.a0fe81e25515.jpg) ### [Payment Institution (PI) License in 2026: The Complete Guide](https://crassula.io/guides/licenses/payment-institution/) ![The Money Transfer Industry in 2026: Models, Players and How to Launch](https://crassula.io/static/images/guides/what-is-money-transfer/money-transfer-globe-preview-960.9c269560724b.jpg) ### [The Money Transfer Industry in 2026: Models, Players and How to Launch](https://crassula.io/solutions/money-transfer/guides/what-is-money-transfer/) ![How to Start a Money Transfer (Remittance) Business in 2026](https://crassula.io/static/images/guides/how-to-start-a-money-transfer-business/remittance-bridge-preview-960.a2d7c0f3ecff.jpg) ### [How to Start a Money Transfer (Remittance) Business in 2026](https://crassula.io/solutions/money-transfer/guides/how-to-start-a-money-transfer-business/) [**Explore all guides**Licensing, payments, cards and core banking, explained by our team.](https://crassula.io/guides/) Latvia · Payment institution ## FAQ The questions teams ask us before a first call. [**Not covered here?**Bring your question to a demo with our team.](https://crassula.io/request-demo/) Can a Latvian PI connect to SEPA without a correspondent bank? Yes. Since 17 October 2024 licensed PIs and EMIs can participate directly in EKS, Latvijas Banka's system for SEPA and SEPA Instant payments. The first non-bank joined in April 2025. Direct participation is your decision, and connecting it to the platform is a project we scope together. What does a Latvian PI pay in supervision fees? EUR 7,000 a year plus up to 1.4% of the gross income from the regulated services, with a cap of EUR 100,000. The licence application itself costs EUR 5,000. How can we safeguard customer funds in Latvia? The law allows a separate account at a credit institution, at Latvijas Banka or at another central bank, investment in secure low-risk liquid assets, or an insurance policy or guarantee from a firm outside your group. The platform gives you the per-transfer data for reconciliation whichever you pick. Is the registered PI regime enough for a remittance start-up? Only for domestic business. A registered PI is limited to Latvia, to money remittance and card issuing, and to EUR 3 million a month on average. Sending money abroad at scale needs a full licence. How busy is Latvijas Banka with new applications? It issued 8 fintech licences in 2025 and 7 more by May 2026, with around 15 firms in licensing and 29 in pre-licensing talks at that point. Plan your consultation slot early. Which corridors can we open? Euro corridors run on SEPA. Other currencies go over SWIFT through a connected provider. Which countries you serve is a decision for your AML risk assessment, and limits can be set per corridor. Latvia · Payment institution ## Transfer services a Latvian PI can run Tell us your licence and country. We will map the rails, providers and documents you need. [Request demo](https://crassula.io/request-demo/) [**Know what you pay**One setup fee and a monthly plan with accounts and transactions included.*See pricing →*](https://crassula.io/prices/) [**Start with the API**Documented endpoints for accounts, payments, cards and customers.*Explore the API →*](https://crassula.io/features/api/)