With tougher checks on bank transfers coming into force across the eurozone on Thursday – aimed at curbing fraud and ensuring money reaches the right recipients – Google’s Lithuanian subsidiary, Google Payment Lithuania, will provide account verification services for European clients from its base in Lithuania.
The new service is being developed in partnership with Yapily, a UK open banking infrastructure platform with an office in Vilnius, Invest Lithuania announced.
“Lithuania has built a strong, well-regulated environment for financial technologies. This new optional bank account verification service enables us to serve our European business clients even better,” said Paulius Vertelka, head of Google Payment Lithuania.
Economy and Innovation Minister Edvinas Grikšas said the move shows Lithuania offers not only operational capabilities but also the environment needed for innovation and the growth of financial services across Europe.
According to Elijus Čivilis, director general of Invest Lithuania, the project underlines one of the country’s key strengths.
“Lithuania is not only a place to establish offices but also to develop advanced solutions. Google’s choice demonstrates that global innovators find here everything needed to deliver ambitious ideas: regulatory expertise, technical talent and a convenient geographical position,” he said in a statement.
The new service is expected to simplify the process of verifying bank accounts – enabling faster activation and access to services through a secure, client-controlled system.
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