Kontomatik: Thanks to Lithuania’s Service License- Ready to Rock in 10 Countries

Kontomatik: Thanks to Lithuania’s Service License- Ready to Rock in 10 Countries

by March 7, 2019

On 17th of February 2019 The Bank of Lithuania granted a license to Kontomatik UAB to provide AIS (Account Information Service License Provider) services in 10 countries without the need to open local branches.

According to the decision of the Bank of Lithuania, Kontomatik can now provide services in accordance with the PSD2 Directive in Lithuania, Latvia, the Czech Republic, Estonia, France, Germany, Italy, as well as in Poland, Portugal and Spain. In the case of Great Britain, Kontomatik UAB applied for a temporary, 3-year passport of the AIS license. Kontomatik is the first Polish company that operates as a regulated provider of Account Information Service.

In accordance with the assumptions of Open Banking PSD2, AISP (Account Information Service Provider) retrieves information about the account upon user’s request, most often for the purposes of loan applications at banks and lending companies.

Kontomatik solutions allow its’ clients to categorize and group the collected information. Additional data analysis with the use of machine learning algorithms, allows to build a consumer’s financial behaviour profile. This profile is then used as one of the credit scoring model’s elements. Thanks to Kontomatik solutions, the loan application process can be automated and shortened even up to few minutes, while maintaining a high quality of credit rating.

Kontomatik is a company operating in 12 markets enabling access to information of accounts in more than 130 banks around the world. Thanks to Kontomatik technology, customers have already made over 8 million successful data imports since the launch of this service.

Patryk Pietrzak, Member of the Board at Kontomatik:

Patryk Pietrzak

Patryk Pietrzak

“The decision of the Bank of Lithuania to passportise the AIS license to particular countries is a confirmation of trust in the services provided by Kontomatik. It also gives us a chance for further development in new markets such as France or Great Britain. In the case of Great Britain, Kontomatik UAB applied for a temporary AIS license passport for a period of three years and therefore, even the so-called “hard brexit” will not be an obstacle to the provision of services. “


Featured image credit: Pixabay

Subscribe to the most important Fintechnews in Estonia, Lithuania and Latvia.