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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.

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Case Studies

See what teams build with Crassula.

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.

1Capital 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
2Safeguarding 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
3Payer 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
4Corridor 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
5Payee 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
6Outsourcing notice and DORA register entries

Service description, data locations, subcontractors and exit terms for your register of information.

You, with our input
7Payment 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 InstantSEPA Credit TransferSWIFTInternal transfers
24/7real-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

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.
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 and how payment institution licences work.

Guides

Read the licence guides

Explore all guidesLicensing, payments, cards and core banking, explained by our team.
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.
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.
Money Transfer

Explore your launch market

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.

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Know what you payOne setup fee and a monthly plan with accounts and transactions included.See pricing → Start with the APIDocumented endpoints for accounts, payments, cards and customers.Explore the API →
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