CENTROlink is a payment system operated by the Bank of Lithuania that provides technical access for all types of payment service providers licensed within the European Economic Area (EEA), enabling them to send and receive Single Euro Payments Area (SEPA) payments. CENTROlink was launched om 8 December 2015 and the growth of the use of payment system in Lithuania has been exceptional since then. CENTROlink participants can offer their clients SEPA credit payments (SCT), direct debit (SDD) and instant payments (SCT Inst). In 2020 over 100 Fintech companies were participating in the system. These Fintechs together made 81.4 million transactions valued at €115.8 billion. The growth year-over-year is staggering, as both the value and volume of transactions has doubled.
From 2016 to 2020:
– the number of PIs and EMIs using the CENTROlink system grew from 5 to 117;
– the number of transactions, executed by PIs and EMIs grew from 1 mln to 81.4 mln;
– the Value of Transactions, executed by PIs and EMIs grew from 2.8 billion Eur to 115.8 billion Eur