Phoenix Payments to use Inventi for regulatory reporting

Inventi STI Connector automates data exchange with the state tax authority, simplifying compliance procedures.

Phoenix Payments is an electronic money institution, focused on alternative banking and payment solutions.

The EMI offers IBAN accounts and SEPA payment processing for individuals and businesses merchants. Phoenix Payments also plans to introduce SWIFT payments and debit card issuing soon. The Lithuania licenced financial institution serves customers across 75 countries.

Inventi STI Connector integrates with the TIES information system, owned by the State Tax Inspectorate of Republic of Lithuania. The connector aggregates the required data at the financial institution and automatically produces compliance reports, including reports on opened and closed accounts, annual turnover, account reports, FATCA, and CRS reports on foreign nationals.

In addition to automated reporting, a manual reporting mode was added in the latest product update. In the manual workflow, a compliance officer may manually upload the report file to the STI Connector platform. STI Connector will validate the data, check the report for errors, and submit it to the State Tax Inspectorate. It will also handle additional comments or corrections requested by the regulator.

In addition to STI Connector, Inventi also offers a plug-and-play SEPA gateway for SEPA access via CENTROLink platform and a PLAIS Connector – to automate account locking, authorisation hold, amount transfer and hold cancellation requests.