The Central Bank of Latvia announced that SIA xpate, a Latvia-licensed electronic money institution, has become the first non-bank payment service provider to directly participate in its Electronic Clearing System (EKS), starting with the EKS clearing service. The Bank positioned this as the first instance in the euro area of a central bank enabling direct participation of non-bank payment service providers in a central bank-operated payment system. Access for licensed payment and electronic money institutions and credit unions has been available since 17 October 2024, with the aim of providing equal participation opportunities for Latvian payment service providers and supporting the development of payment services. EKS supports customer payments across SEPA (European Union and European Economic Area) and offers both clearing and instant payment services; it has been used by credit institutions and the Treasury. Payment service providers seeking to join EKS are expected to enter into an agreement with the Central Bank of Latvia, ensure technical readiness, and complete required testing. The new access model is aligned with the European Central Bank decision on non-bank payment service provider access to payment systems and supported by legislative amendments approved by the Saeima.
Central Bank of Latvia 2025-04-11
Central Bank of Latvia admits SIA xpate as first non-bank participant in its EKS payment system
The Central Bank of Latvia announced that SIA xpate, a Latvia-licensed electronic money institution, is the first non-bank payment service provider to directly participate in its Electronic Clearing System (EKS). This marks the first instance in the euro area of a central bank enabling such direct participation. The initiative aligns with the European Central Bank's decision on non-bank access to payment systems and is supported by legislative amendments approved by Saeima.