Motieka & Audzevicius has helped CommonSign obtain a payment institution license for account information services.
According to Motieka & Audzevicius, “the AIS, which allows customers to see their payment accounts information in one app, is launched as a new type of payment service under PSD2. Instantor, the first authorized AIS provider in Sweden, is the most well-known player in this area. While the ... license issued to CommonSign is just the second license of such type issued by the Bank of Lithuania. CommonSign will employ artificial intelligence and machine learning in their business model and will offer account information services across the EU. The end-user will give to CommonSign an explicit consent to obtain and process his or her raw transactional account data through the CommonSign engine and receive a limited view on a selection of the calculated aggregated information indicators.”
Motieka & Audzevicius’ team included Senior Associate Sigita Adomaityte and Associate Evelina Tuakova-Kuzmic.