NS PAY is now a licensed by the Bank of Lithuania and has the right to issue electronic money. The Company has a limited operating license, the primary purpose of which is to provide electronic money issuance and payment services only to the customers of the platform and only to the extent that such services are necessary for servicing the Platform.
Electronic money differs from cash in that it is stored on electronic storage and in order to be able to pay with it, electronic money does not require the opening of a traditional bank account. However, electronic money has the value of traditional money, hence its issuer must redeem it at face value before using it.
“Nordstreet” and its shareholders created “NS PAY” as a part of their long-term strategy to manage all the essential business resources In-house. One such resource is the platform itself, which stores a number of technical solutions that ensure security and ease of use for its investors.
"From the very beginning of the business, we were confident that the only way we will be able to achieve the greatest results was with the full control of the platform. Over time we have also realised that the financial model of this business is also one of the essential resources. More than a year ago, we felt that with the rapid development of crowding platforms and their capabilities, investors needed a more convenient way of investing, simplifying the investment process at the touch of a few buttons. Led by these ambitious goals we have created NS PAY," commented Olga Senkevič, Chief Technology Officer.
As NS PAY is a licensed financial institution - it must meet specific requirements - the company must report to the Bank of Lithuania and other institutions. Thanks to the efforts of the entire team, NS PAY will start operating this month.
The functionality of the platform is expected to make the services provided smoother and easier to use. NS PAY integration greatly facilitates the identification of a new user, they no longer need to open a bank account in another institution, which means that the identification takes only 5 minutes. After topping up your e-wallet, you can invest right away.
Fast opportunity to invest will be ensured by the integration of NS PAY with the help of another fast-growing Lithuanian technological startup “kevin.” whose innovative infrastructure will allow investors to transfer the desired amount of money to the “Nordstreet” platform from their bank account in an instant, i.e. the money will flow directly to the Nordstreet account without any intermediate accounts.
NS PAY makes the investment process much simpler, as the entire process is managed by the investment platform - from the client's registration to the successful payout of the investment. This allows the platform to understand its investors and their investment choices even better. In this way, the platform can better tailor investment opportunities.
“Nordstreet” hopes that this will give investors even more confidence in the platform, as having this license the platform will be even more closely regulated and supervised by the Bank of Lithuania.
