Creation of an Innovative Payment Platform Based on Technology INO-PAY
UAB Systems Integration Solutions, a financial technology company, together with the project partner – Vilnius Business College, started implementing the project “Creation of an innovative payment platform based on technology INO-PAY” under the measure “Experiment” of Priority 1 “Promotion of Research, Experimental Development, and Innovation” of the 2014-2020 European Union Funds Investment Action Program. The project is co-financed by the European Union Structural Funds and funds from the company and its partner. The total project budget is EUR 805,493.93. The amount allocated from the European Regional Development Fund for the project is EUR 498,298.57.
During the project, scientific research and experimental development activities will be carried out to create the world’s first Blockchain technology, a platform that combines the standardization of “Request-to-Pay” and eDelivery solutions. The developed solution will fundamentally change the processes of transmitting and managing payment data. INO-PAY will not only reduce the financial transaction costs incurred by companies but also ensure the convenience and security of financial settlements. It will provide the ability to track financial transactions, verify their content, manage payments, and thus control cash flows. All documents related to the payment process will be visible on the platform.
The INO-PAY solution responds to global trends (as well as long-term national challenges) – promoting innovation in the financial system is one of the strategic directions of the European Commission (including Lithuania). The product developed during the project will also contribute to increasing the competitiveness of Lithuanian and European economic entities – the innovative platform created will be available not only to Lithuanian but also to users from other European Union countries.
The project is planned to be implemented within 24 months.
More information about the project:
