Perlas Payment Initiation

Payment initiation service for a new electronic payment system.

The Brief

Perlas Group provides various financial services, such as collection of utility and other fees, cash transfers/withdrawals, prepaid phone bill replenishment, insurance brokerage services, loans, banking services, etc.

In 2015, Perlas Finance became an electronic payment institution licensed by the Bank of Lithuania and a member of the retail payment system and the SEPA payment system, both administered by the Bank of Lithuania. This enables the company to offer its customers online payment and money transfer services to both individuals and businesses.

Perlas Group provides a wide range of financial services, but payments made through banks require the use of bank-provided bank links or intermediaries (such as Neopay, Paysera), which comes at an additional cost.

As banks in Lithuania have implemented the PSD2 directive, it has become possible to provide Payment Initiation Services (PIS). This allows a licensed intermediary (e.g. Perlas Group) to initiate a payment on behalf of the customer (payer) through the bank of the customer's choice. By implementing this solution, the costs of mediation can be avoided.

Technology

What We Did

PSD2 defines the key functionalities that banks must provide in their PSD2 solutions. However, the implementation of PSD2 in each bank is slightly different, which is why it was chosen to perform integrations with banks gradually, adapting to the specifics of each of them.

The PIS solution is designed to be available not just to the Perlas Group. Therefore, the data of each customer using the PIS solution is stored separately, using the identification “keys” assigned to them. 

PIS can be used in two ways:

  • Through an API that allows the creation of a unique PIS-based payment solution, such as payments using mobile applications and biometric scanning;

  • Through a web application that can be integrated into any website with a ready-made payment solution. This solution is also available to third parties.

The Result

The PIS solution was integrated with the main banks operating in Lithuania and updated with a new interface. The PerlasGO app uses this solution as well. The web page (analogous to Neopay, Paysera, etc.) can also be used by third parties as a platform for making payments. For example, when creating a new online store, payments can be made using the Perlas PIS solution, which then turns into a source of additional income for the Perlas Group as well.

Steen & Strøm

Maintenance and further development of the Wayfinders system.

Ascio

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