NEO Pay, a payment initiation service provided by NEO Finance, has reached over 1 M transactions

The payment initiation service (PIS) NEO Pay, provided by NEO Finance, a company responsible for the administration of the largest Lithuanian P2P consumer loan platform, is growing at an ever-increasing pace.

NEO Pay will start the 2nd quarter of 2019 with a number of transactions well over a 1 million limit.

“We are very happy with our growing client base and an increasing number of executed payments. Despite the fact that we have started providing PIS to third parties only in April 2018, we have a firm confidence in the quality of our product and the fact that we offer the best price for the service. Therefore, we are certain that our acceleration and growth will only continue, and finally, we will be able to forego the morally obsolete “bank link” service which does not comply with the reality of current service pricing.” said Evaldas Remeikis, founder and Chair of the board of NEO Finance.

PIS is an alternative way of payment settlement for electronic shops, replacing the conventional “bank link” service provided by banks. The main advantages of PIS include being faster, more convenient and cheaper, both for the user and the e-shop.

Since the companies have started using NEO Pay, the number of transactions has multiplied: during January 2019, investors in loans issued by NEO Finance have executed over 8 000 transactions, while the B2B clients of NEO Pay have completed an incomparable number of transactions, i.e. nearly 220 000. Currently, the largest clients of NEO Pay include the electricity and gas supply self-service portal Mano gile, utilities platform Vienasaskaita.lt, ticket distributor Tiketa, among others.

“In the very beginning, the payment service provider has to be trustworthy and ensure security for both us and our ticket buyers. All of that is guaranteed by the fact that the payment initiation service provided by NEO Finance is licensed by the Bank of Lithuania”, – said Dovile Poniskaitiene, director of commerce at Tiketa. Ms Poniskaitiene emphasised: “We also find it very important for the service to be provided quickly and with no interruptions, and we as clients see this as one of the strongest sides of NEO Pay. Also, their flexible approach to the clients, ability to adapt to the peculiarities of our systems, speed and attention to us is of great value. Up until now we have been happy with our cooperation with NEO Finance, and we believe that this successful will continue in the future.”

“During the development of Vienasaskaita.lt platform, we have paid the utmost attention to the user experience. Because of this, we have chosen NEO Pay, since they are able to adapt the service to our needs, and provide quick execution of the service. It is also important that NEO Pay staff quickly reacts to our requests, ideas and proposals, and their flexibility and innovative approach enables us to come up with the best solutions for our clients”, – said Sarunas Stanislovenas, director of Vienasaskaita.lt.

NEO Finance is the first Lithuanian capital company to have been granted the supplement to the electronic money institution license, which allows the provision of PIS. This supplement has been mandatory since November 2018, when the Law on payment has been amended, by obliging companies that provide payment initiation services to obtain the license issued by the Bank of Lithuania.

In case you would like to test out the NEO Pay or if you have any questions, do not hesitate to contact the Head of the PIS project Aleksejus Loskutovas via e-mail: [email protected]

NEO Finance is the only Lithuanian P2P consumer credit platform to possess the unlimited electronic money institution license, allowing operations in entire European Union. The investors of the platform have the possibility to invest in a less-risky manner, by using the Provision fund and buyback service. NEO Finance is has developed and is constantly improving the platform by itself, which ensures safety, confidentiality and quick reaction to the needs of the clients. Over EUR 29 M of loans have already been issued in total, in which investors have invested with an average interest rate of 17,5%.