Lithuania-based Paysera has become the first electronic money institution in Europe to obtain direct participant status in the ECB's T2 settlement system.
The T2 system serves as the Eurosystem's central infrastructure for large-value EUR payments, processing over two trillion EUR in transactions daily. Until Paysera's admission, access had been restricted to central and commercial banks, central securities depositories, national EU treasuries, and other designated financial market infrastructures. All EMIs had previously been required to route transactions through intermediary banks to reach the system.
Regulatory change opens the door
The shift became possible following the entry into force of EU Regulation 2024/886 in October 2025, which extended direct access rights to non-bank financial institutions. Paysera's integration into T2 was completed following assessments by the ECB and the Bank of Lithuania.
Direct participation allows Paysera to manage its own payment flows within the Eurosystem, settle interbank transactions in real time, and send and receive payments beyond the eurozone and SEPA region. The company now operates the same settlement infrastructure as large commercial banks, without routing dependency on a third-party institution.
The company's application for this access level was underpinned by significant transaction volumes. In 2025, Paysera processed 27.6 million transfers totalling EUR 23.3 billion, representing a 19% year-on-year increase. Of these, 82% were processed via SEPA Instant. The company already handles approximately 188.000 transactions annually through the T2 system, as direct access is expected to allow those flows to be managed with reduced latency and operational overhead.
Moreover, the CEO of Paysera noted in the official press release that direct access to T2 would allow the company to offer the same speed, reach, and security as major financial institutions, at lower cost to clients, positioning the company as an alternative to traditional banking providers.
Implications for the sector
Paysera's admission into the T2 infrastructure marks a structural development for the European EMI landscape. It reflects both the maturation of non-bank payment providers and the regulatory evolution that has allowed them to compete more directly with licensed banks in clearing and settlement.
Lithuania has built a notable concentration of fintech licence holders over the past decade, and Paysera's status as the first EMI to reach this settlement tier adds weight to the country's positioning within the European financial technology sector. The precedent may prompt other EMIs to explore similar applications as EU regulatory frameworks continue to evolve.
