GPS Capital Markets Partners with NRD Companies for Open Banking Solution Needed to Start Operations in EU

NRD Companies, global information technology and consulting group, providing IT solutions for the financial, governmental, and retail sectors, aids GPS Capital Markets, a US-based corporate foreign exchange services provider, in the implementation of an open banking platform.

The US company, which established a subsidiary in Vilnius back in 2020, has recently obtained E-Money Institution (EMI) license, which is an important milestone for expansion of operations to the European Union (EU) markets.

GPS Capital Markets has chosen Lithuania due to its fintech-conductive regulatory environment and wide talent pool. Over the past few years, Lithuania attracted dozens of global financial companies looking for a base of operations that would facilitate entry into the EU financial services market and help navigate through a set of strict legal and technical requirements. The foolproof compliance with European Payment Services Directive 2 (PSD2) requirements and adherence to the requirements of the Bank of Lithuania (Lietuvos Bankas) are critical to launch the operations.

“While we were seeking to finalize our efforts of qualifying for a European EMI license, we needed a partner who would bring both—legal and technological—experience to the table, as we wanted to start off strong from the get-go,” said Brandon Parke, President and CEO at GPS Capital Markets. “NRD Companies ticked all the boxes and offered a very quick open banking implementation as a bonus.”

The out-of-the-box open banking solution, which will ensure access for licenced Third Party Providers (TPPs), will be provided by ETRONIKA, a member of NRD Companies. ETRONIKA has extensive experience in implementing open banking, online banking, loan origination, and other fintech solutions. The open banking solution in question has also been implemented in other Lithuanian financial institutions—Šiaulių Bankas and Medicinos Bankas, as well as in Latvian Baltic International Bank (BIB).

“Having deep knowledge of the EU’s legal framework, requirements of Lithuania’s financial regulator Lietuvos Bankas, as well as strong Open Banking expertise on both implementational and consultancy level allows us to provide the full-scope support needed to ensure a smooth launch and establish a strong foothold in the European market,” commented Mindaugas Glodas, CEO at NRD Companies. “We are glad to work with experts at GPS Capital Markets, helping them join the thriving fintech ecosystem and continue their business expansion over the Atlantic.”

Due to the client-friendly architecture of the open banking solution, it is usually deployed and launched in a matter of 2-3 months. However, as GPS Capital Market has an already existing digital infrastructure—online banking and other systems—the integration will be finished in December, 2021.