Latvijas Banka

What Latvijas Banka does

Latvijas Banka is the central bank of Latvia and a member of the European System of Central Banks (ESCB) and the Eurosystem, headquartered in Riga at K. Valdemāra 2A. It executes monetary policy for Latvia, maintains financial stability through supervision and oversight, manages currency in circulation, operates the Credit Register, and acts as the national licensing and supervisory authority for fintech, payment, e-money, and (since 2025-2026) MiCA crypto-asset service providers. The institution was founded in 1922, is classified as a government state entity, and employs 251-500 staff. It does not report revenue on a commercial basis.

Latvijas Banka operates Latvia's national payment and securities settlement infrastructure. Core systems include TARGET-Latvija (the Latvian component of the Eurosystem TARGET RTGS platform), the Electronic Clearing System (EKS) for SEPA retail payments and instant payments 24/7/365, and the cash leg of TARGET2-Securities via delivery-versus-payment with Nasdaq CSD SE. Layered on top are differentiated value-added services: Zibmaksājumi (instant payments), Zibprasijumi (instant payment requests co-developed with commercial banks), Zibsaišu reģistrs (Proxy Registry / Instant Links mapping IBANs to phone numbers), Zibpārbaudes serviss (one of only two euro area Verification of Payee implementations against the EPC VoP scheme), the ZibLab++ innovation laboratory, and the Maksājumu radars (Payment Radar) analytics publication. Latvijas Banka was first among euro area countries to introduce instant payments in 2017.

The institution's revenue model is non-commercial: services to financial institutions and the public are predominantly free or nominally priced (e.g., €200-€350/month for Zibpārbaudes subscription tiers, €150/month for Proxy Registry for non-EKS participants, and per-request fees above volume thresholds). Distribution is through direct enterprise integration with banks and payment service providers, complemented by a Cashier's Office (Bezdelīgu iela 3, Riga) for currency exchange and authentication, and the e-monetas.lv e-commerce channel for collector coins. Recent strategic activity is concentrated in fintech and crypto-asset licensing (8 licences in 2025, 7 in 2026 including the first MiCA authorisations to Bleap, Hodleris, Kanga Exchange EU, and Paybis), positioning Latvia as an EU gateway for licensed crypto and payment institutions.

Name

Latvijas Banka

Legal name

Latvijas Banka

Website

https://bank.lv

Company type

Private

Founded year

1922

Operating status

Operating

Headcount range

251–500 employees

Short description

Latvijas Banka is the central bank of Latvia and a Eurosystem member, operating national payment infrastructure (TARGET-Latvija, EKS, instant payments) and serving as Latvia's licensing and supervisory authority for banks, payment institutions, fintechs, and MiCA crypto-asset service providers.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (521110), Monetary Authorities-Central Bank (521), Monetary Authorities-Central Bank (52111), Monetary Authorities-Central Bank (5211), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Finance and Insurance (52)

SIC

Finance Services (6199), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Cross-border/Remittance Neobanks (FSABAFAH), Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB), Fund Custody & Depositary Services (UCITS/AIFMD & Mutual Funds) (FSAFAHAD)

Keywords

• Central banking services
• Payment infrastructure
• Monetary policy
• Instant payments
• Financial supervision

Headquarters

HQ city

Riga

HQ country

Latvia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Others

Pricing tiers

Distribution channels6 records

Marketing channels16 records

Core offering

Latvijas Banka is the central bank of Latvia and a Eurosystem member, operating the country's payment and securities settlement infrastructure (TARGET-Latvija, EKS, Instant Verification Service, Proxy Registry, Instant Payments, TARGET2-Securities), managing cash circulation, issuing collector coins, supervising financial market participants, maintaining the Credit Register, and granting fintech and crypto-asset service licenses under Latvia's Fintech Strategy.

Product overview

Latvijas Banka operates as Latvia's central bank and Eurosystem member, providing a comprehensive suite of payment infrastructure and financial services. The core product portfolio centers on the Electronic Clearing System (EKS) for SEPA retail payments with instant payments capability, and TARGET-Latvija for real-time gross settlement. These are complemented by the Instant Verification Service (Zibpārbaudes serviss) for payee name-IBAN verification, Proxy Registry 'Instant Links' (Zibsaišu reģistrs) for mobile phone-to-account payments, Instant Payment Requests (Zibprasijumi) for bill payments, and TARGET2-Securities for securities settlement. Additional offerings include the Payment Radar analytics publication, BIC identification service, Instant Payment Laboratory for innovation, FinTech Innovation Center for regulatory consultations, cash circulation services including the Cashier's Office and coin deposit machines, collector coins, Credit Register, and payment systems oversight. The infrastructure supports SEPA schemes (SCT/SCT Inst), RT1 pan-European instant payments, and TARGET/TIPS settlement platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• TARGET-Latvija Real-time gross settlement system providing Latvian credit institutions, public authorities, and ancillary systems with single access to Eurosystem market infrastructures and settlement in central bank money. Processes interbank and customer payments and settles monetary policy operations and securities transactions.
• Electronic Clearing System (EKS) Payment system ensuring processing of customer retail payments across the SEPA area. Provides a clearing service with net settlement through multiple clearing cycles, and an instant payments service for continuous 24/7/365 settlement.
• Zibpārbaudes serviss (Instant Verification Service) Service enabling payment service providers from Latvia and other European countries to verify that a payee's IBAN matches the payee's name, identifier, or nominal before executing a payment, mitigating fraud and execution errors across SEPA.
• Zibsaišu reģistrs (Proxy Registry / Instant Links) Registry that stores payment service providers' customer account numbers together with mobile phone numbers, enabling users to initiate SEPA instant credit transfers by indicating the beneficiary's mobile phone number instead of IBAN.
• Zibmaksājumi (Instant Payments) Non-cash transfer service available 24 hours a day, 7 days a week, 365 days a year including holidays. Payments are executed within seconds with immediate fund availability for the beneficiary.
• Zibprasijumi (Instant Payment Requests) Service enabling payees to send a payment request to a payer, who confirms it to trigger an instant payment. Supports interbank payment requests using mobile phone numbers and use cases including bill payments, e-commerce, and in-store payments.
• TARGET2-Securities Eurosystem infrastructure for executing securities settlements and related cash settlements in central bank money. Latvijas Banka ensures settlement of the cash leg of TARGET-Latvija participants' securities transactions on a delivery-versus-payment basis.
• Cashier's Office Services Physical cash services including exchange of lats for euro, replacement of damaged banknotes and coins, exchange of euro banknotes and coins for other denominations, and currency authentication examination for the general public.
• Collector Coins Collector and commemorative coins issued by Latvijas Banka, including special editions such as the 'Flow' silver coin featuring characters from an animated film. Sold to collectors and the general public through e-monetas.lv.
• Coin Deposit System (Skaidras naudas iemaksas) Self-service coin deposit machines enabling users to deposit euro circulation coins into their designated bank accounts, reducing the inconvenience of handling loose coins.
• Credit Register Registry providing credit information to support financial market supervision and credit risk assessment, accessible through Latvijas Banka as part of its financial stability and supervision mandate.

Quantifiable outcome

• 57.4 million verification requests processed in Zibpārbaudes service from October 2025 to February 2026
• +3 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• European Central Bank (ECB)coreStrategic or Co-development Partner · 26 May 2025Latvijas Banka as member of ESCB/Eurosystem participates in joint oversight of TARGET2, instant payments infrastructure development, and digital euro project coordination.
• Eurosystem National Central BankscoreStrategic or Co-development PartnerCollaborative oversight of TARGET2 system, SEPA payment systems, and pan-European instant payment schemes including SCT Inst.
• Stockholm School of Economics Riga (SSE Riga)minorStrategic or Co-development PartnerJoint hosting of public lectures on financial topics. Piero Cipollone, ECB Executive Board Member delivered 'The Digital Euro in a Fragmenting World' lecture.
• Nasdaq CSD SEcoreTechnology or IntegrationNasdaq CSD SE operates securities settlement system in Latvia since September 2017, joining TARGET2-Securities platform. Latvijas Banka oversees this system.
• Euro Retail Payments Board (ERPB)coreStrategic or Co-development PartnerLatvijas Banka participates in ERPB activities to promote coordination and development of European payment market.
• Latvian Commercial BankscoreStrategic or Co-development PartnerCooperation with commercial banks in development of instant payment solutions, instant payment requests, and proxy registry services.
• Kanga Exchange EU (SIA AlphaRoute)minorOthersPolish cryptocurrency exchange received MiCA Class 3 licence from Latvijas Banka, enabling SIA AlphaRoute to offer crypto custody, trading, and transfer services across EU.
• Paybis (SIA Paybis Europe)minorOthersCryptocurrency exchange acquired MiCA crypto-asset services licence and PSD2 payment institution licence from Latvijas Banka on May 12, 2026.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• European Central Bank (ECB): The ECB is the overarching monetary authority for the euro area and coordinates Latvijas Banka's monetary policy implementation, payment systems oversight (TARGET, TIPS), and the digital euro project. It is the apex counterpart for all Eurosystem national central banks.
• Banque de France: French central bank and Eurosystem member. Comparable for operating large-value payment systems, retail payment oversight, and pioneering instant payment verification services; serves as a model for central-bank-led payment innovation programs.
• Deutsche Bundesbank: German central bank and Eurosystem member. Operates the largest national share of TARGET2 volumes, oversees major payment schemes, and is a peer for cash circulation, financial stability supervision, and SEPA infrastructure stewardship.
• Federal Reserve / FedNow: U.S. central banking system operating the FedNow instant payment service. Relevant as a comparable operator of a national instant payment rail and a peer for real-time gross settlement infrastructure at national scale.
• Banca d'Italia: Italian central bank and Eurosystem member. Comparable for TARGET2 settlement operations, payment systems oversight, and active participation in Eurosystem innovation initiatives including the digital euro.

Direct peers

• Lietuvos bankas (Bank of Lithuania): Lithuania's central bank and fellow Baltic Eurosystem member. Operates CENTROlink payment infrastructure, has a leading fintech regulatory regime, and is a direct comparable for cross-border licensing and instant payments strategy in the Baltic region.
• Eesti Pank (Bank of Estonia): Estonia's central bank and Eurosystem member. Comparable as a small euro area jurisdiction focused on digital innovation, with an active fintech supervision regime and participation in the same TARGET/TIPS Eurosystem infrastructure as Latvijas Banka.
• De Nederlandsche Bank: Dutch central bank and Eurosystem member. Operates iDEAL-adjacent instant payment infrastructure and is a comparable peer for TARGET settlement, prudential supervision, and MiCA licensing execution at a larger scale.
• Bank of Finland (Suomen Pankki): Finnish central bank and Eurosystem member. Operates the POPS simul settlement simulation environment and is a direct comparable for small-population Eurosystem central banks focused on payment system resilience and innovation.
• Bank of Slovenia (Banka Slovenije): Slovenian central bank and Eurosystem member. Closely comparable in scale and EU small-economy profile, with analogous TARGET/government banking operations and active payment systems oversight.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/LatvijasBanka
• YouTubeyoutube.com/user/LatvijasBanka
• Facebookfacebook.com/latvijasbanka
• LinkedInlinkedin.com/company/bank-of-latvia
• Instagraminstagram.com/latvijasbanka

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Latvijas Banka