On the 27th of April 2011, the Board of the Bank of Lithuania has issued a limited operation license of a payment institution to Ashburn International Company, which enables to provide the money remittance services.
On the 27th of April 2011, the Board of the Bank of Lithuania has issued a limited operation license of a payment institution to Ashburn International Company, which enables to provide the money remittance services. The company has successfully implemented the special standards applicable to payment and financial institutions; it has prepared the special licensing-related documents, and a plan justifying the business model.
“The companies seeking for such licenses must meet the high requirements regarding their organizational structure, management bodies, protection of customers’ funds, internal control and risk management systems, and equity capital. Therefore, the licence we have obtained is a high-level formal evaluation that we are a reliable and responsible company”, said Rolandas Budriūnas, the CEO of Ashburn International.
The head of the company welcomes the requirement of licensing, as the companies that previously have provided payment-related services, but have not been controlled, for now on will be supervised by the law.
Law on Payment Institutions in Lithuania came into force at the end of 2009. All the companies collecting payments in Lithuania should have to obtain a license before the 1st of May of this year.
About Ashburn International
UAB Ashburn International is a company providing payment card services and implementing e-commerce and loyalty system solutions, which was founded in 1998. The company delivers the information technology solutions and services to customers from finance, trade, telecommunications and services fields.
Ashburn International manages a modern multifunctional authorization centre, processing millions of payment and loyalty transactions within a month. In 2007, the company was granted the international PCI DSS certificate proving the highest level of payment card data security.
Ashburn International belongs to Penki Kontinentai Group of Companies.