Overview

Rietumu Bank is a Latvian commercial bank established in 1992 with headquarters in Riga, LV. The service provider allows financial institutions to send transfers across borders delivering financial services for corporate clients and wealthy individuals. The key functionalities delivered by the service provider are local and international transfers, account opening, and merchant acquiring (see Rietumu Bank - eCommerce for eCom functionality details).

Default currencies

The following currencies are supported by the service provider and can be set as default:

  • EUR

  • USD (possible for onboarding)

  • RUB (possible for onboarding)

Only one default currency is allowed for payment processing.

Supported regions

White labels from the following regions can be integrated:

  • EU (European Union)

  • UK (possible for onboarding)

  • EEA (European Economic Area)

Prerequisites

An active financial services license is required to implement the integration. Contact your manager for additional details.

Website

https://www.rietumu.com/en

Products and services

The following table describes the services delivered by Rietumu Bank.

Service name

Description

Execution details

IBANs

The provider delivers a service of account opening. An IBAN identifies the account of a customer at a financial institution and allows to send cross-border transfers.

Account currencies

It is possible to open an account in the following currencies:

  • EUR mono-currency

  • EUR multi-currency

    • A new position is opened when receiving transfers in multiple currencies (within the same IBAN)

    • A new position is opened when converting currencies (within the same IBAN)

Locations

Rietumu Bank accounts can be opened for clients from the following countries:

  • Companies:

    • EU (European Union)

    • UK (possible for onboarding)

    • EEA (European Economic Area)

  • Persons

    • See the file attached.

Residence.docx

SEPA transfers

SEPA (Single Euro Payments Area) transfers allow to send and receive payments in EUR within the eurozone.

Transfer currencies

It is possible to send SEPA transfers in the following currencies:

  • EUR (cross-currency transfers—incoming funds are converted in the account currency)

Locations

Rietumu Bank transfers can be sent to the following countries:

  • 27 countries of the EU.

  • 4 countries from the EFTA:

    • Liechtenstein

    • Norway

    • Iceland

    • Switzerland

  • Microstates within EU:

    • Vatican City

    • San Marino

    • Monaco

    • Andorra

  • The United Kingdom.