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Money Transfer
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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.
- Remittances and business payouts
- Corridor pricing with FX margins
- Payout files with approval steps
- Funds tracked per transfer
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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.
What the regulator asks about your IT
Each requirement, what the platform gives you for it and who owns it after launch.
A plain list of the payment services the platform performs, so your services list and your capital tier match.
You, with your lawyersPer-transfer ledger records that show which funds are in transit, ready to reconcile with whichever method you choose.
Your finance teamSender identity and address captured at onboarding and attached to each outgoing payment, with incoming data checked.
SharedLimits per corridor and client type, plus transfer exports for your screening and monitoring tools.
Your AML officerName and IBAN data passed to your verification of payee service and the result shown to the sender.
You, with your rails providerService description, data locations, subcontractors and exit terms for your register of information.
You, with our inputBackups, recovery procedures and an incident process that keeps every in-flight transfer traceable.
Shared
Payment rails and providers
Rails your customers can use
SEPA InstantSEPA Credit TransferSWIFTInternal 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 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.
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.
9 Apr 2027
Latvian payment institutions must be able to receive and send euro transfers instantly.
10 Jul 2027
The EU Anti-Money Laundering Regulation applies, with harmonised due diligence rules for senders you onboard.
Around 2028
PSD3 is expected to apply. Existing PIs will need to show Latvijas Banka they meet the new rules to keep operating.
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.
01
A platform you can demonstrate
A configured environment to show the regulator, not slides.
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.
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 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.
Read the licence guides
FAQ
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.
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.
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.
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.
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.
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.
