It is intended to promote the development of instant payments in Latvia

On Tuesday, June 25, the government approved two prepared draft laws to ensure equal competitive conditions for payment service providers. This will expand the opportunities for providing payment services, which, in turn, may positively affect the prices of such services.

The amendments aim to promote the payment sector, especially the development of instant credit transfers or instant payments. Payment institutions and electronic money institutions licensed in Latvia, other European Union countries, and European Economic Area countries that provide payment services will be able to become direct participants in the payment system. This will further promote competition and ensure equal conditions for the provision of payment services.

An institution wishing to become a direct participant in the payment system will need to ensure compliance with the requirements mentioned in the Law on Payment Services and Electronic Money, which may necessitate additional improvements to the institution's procedures and investments in new technical solutions.

Draft law on amendments to the Law on Payment Services and Electronic Money.

Amendments to the Law on Settlement Finality in Payment and Financial Instruments Settlement Systems.

The draft laws still need to be reviewed by the Saeima.

Information from the Ministry of Finance of the Republic of Latvia.

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