News

As Lithuania's financial market matures and the financial institutions face more stringent licensing requirements, the fintech ecosystem becomes increasingly important for a successful business. The term' fintech ecosystem' describes the synergy between technology and services providers that allow new players to start operating faster, says Anton Zujev, Head of a Lithuanian company group Forbis.

To the majority of the companies that have invested in their IT systems, the last two years of the pandemic have proved that their efforts have absolutely justified. The need to smoothly rearrange work processes and start working remotely in a very short time is a huge challenge, and one of the solutions that has served the most during this period is moving to the cloud resources. Forbis, a provider of banking IT solutions, allocated its systems in the cloud eight years ago, and now firmly states that the solution has lived up to all the expectations and allowed the Forbis group of companies and their customers to stay afloat and expand in the face of the lockdown.

Open banking is undoubtedly the 'new black ' for the financial sector today, i.e. one of the most discussed and most promising areas for financial technology development. In the European Union, Open banking was established in 2018 with the Second Payment Services Directive (PSD2), whose adoption could be compared to a tectonic shock. This Directive has demanded that the classic banks would share customers’ account information with the licensed third-party service providers. The Directive set out the requirements regarding the use of the customers’ consents, the ensuring of security of the services provided, and the regulation of the relationship between third-party service providers and the payment service providers processing the payers' accounts.