Baltic Region Becomes Leading FinTech Hub in Europe

The Baltic region is paving the way for digital payments adoption in Europe, with Estonia, Latvia, and Lithuania all connected to the European Union’s SEPA Instant real-time payments network in 2017. As of June 2022, these countries are showing varied levels of adoption of the SEPA Instant service, making them a bustling center of FinTech in Europe. To further encourage the spread of SEPA Instant across the region, the European Commission (EC) has proposed that banks and Payment Service Providers (PSP) should offer 24/7 immediate euro payment services without charging customers further fees.

Estonia is lagging behind other Baltic countries in terms of SEPA Instant adoption, with only 47% of banks and PSPs providing the service. This equates to 12 organizations in the country offering SEPA Instant, meaning that the majority of financial institutions in Estonia are yet to adopt the service. This means that customers in Estonia are not able to take advantage of the immediate payments benefits offered by SEPA Instant.

Latvia is making strides in terms of SEPA Instant adoption, with 53% of banks and PSPs offering the service. This equates to 15 financial institutions providing SEPA Instant services to customers, allowing them to make use of real-time payments.

Lithuania has made the most progress in terms of SEPA Instant adoption, with 100 financial institutions connected to its CENTROlink payment system. This is thanks to a collaboration between banks and PSPs in Lithuania that has allowed for maximum penetration of real-time payments across the country.

The Baltic region is becoming a hotbed of FinTech innovation in Europe due to its varied levels of adoption of SEPA Instant. This is allowing customers in these countries access to real-time payments and other immediate payment services, making them a regional leader in digital payments implementation.

To further encourage adoption of SEPA Instant across the region, the EC has presented an idea meant to require banks and PSPs to provide 24/7 immediate euro payment services without charging customers further fees. This will ensure that customers across Europe can access real-time payments without having to pay additional fees. The EC is hoping that this will help drive adoption of SEPA Instant across the Baltic region and beyond, allowing customers to take advantage of the service without any extra costs.

The Baltic region is leading the way when it comes to digital payments implementation in Europe, not only through its connection to the EU’s SEPA Instant real-time payments network but also through its collaboration between banks and PSPs that have allowed for maximum penetration of real-time payments across the countries. This has enabled customers in these countries access to real-time payments and other immediate payment services, making them a regional leader in digital payments implementation.

The European Commission’s initiatives are also helping drive adoption of SEPA Instant across the region by requiring banks and Payment Service Providers (PSP) to offer 24/7 immediate euro payment services without charging customers further fees. This will ensure that customers across Europe can access real-time payments without having to pay additional fees, making the Baltic region a regional leader in digital payments implementation.

It is clear that the Baltic region is at the forefront when it comes to digital payments implementation in Europe. Its connection to the EU’s SEPA Instant real-time payments network and its collaboration between banks and PSPs have allowed for maximum penetration of real-time payments across the countries. The European Commission’s initiatives are further encouraging adoption by requiring banks and PSPs to offer 24/7 immediate euro payment services without charging customers further fees. This will ensure that customers across Europe can access real-time payments without having to pay additional fees, making the Baltic region a regional leader in digital payments implementation.

Explore more

Unlock Success with the Right CRM Model for Your Business

In today’s fast-paced business landscape, maintaining a loyal customer base is more challenging than ever, with countless tools and platforms vying for attention behind the scenes in marketing, sales, and customer service. Delivering consistent, personalized care to every client can feel like an uphill battle when juggling multiple systems and data points. This is where customer relationship management (CRM) steps

7 Steps to Smarter Email Marketing and Tech Stack Success

In a digital landscape where billions of emails flood inboxes daily, standing out is no small feat, and despite the rise of social media and instant messaging, email remains a powerhouse, delivering an average ROI of $42 for every dollar spent, according to recent industry studies. Yet, countless brands struggle to capture attention, with open rates stagnating and conversions slipping.

Why Is Employee Retention Key to Boosting Productivity?

In today’s cutthroat business landscape, a staggering reality looms over companies across the United States: losing an employee costs far more than just a vacant desk, and with turnover rates draining resources and a tightening labor market showing no signs of relief, businesses are grappling with an unseen crisis that threatens their bottom line. The hidden cost of replacing talent—often

How to Hire Your First Employee for Business Growth

Hiring the first employee represents a monumental shift for any small business owner, marking a transition from solo operations to building a team. Picture a solopreneur juggling endless tasks—client calls, invoicing, marketing, and product delivery—all while watching opportunities slip through the cracks due to a sheer lack of time. This scenario is all too common, with many entrepreneurs stretching themselves

Is Corporate Espionage the New HR Tech Battleground?

What happens when the very tools designed to simplify work turn into battlegrounds for corporate betrayal? In a stunning clash between two HR tech powerhouses, Rippling and Deel, a lawsuit alleging corporate espionage has unveiled a shadowy side of the industry. With accusations of data theft and employee poaching flying, this conflict has gripped the tech world, raising questions about