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The realm of payment systems is currently undergoing a revolution, providing businesses with new opportunities to enhance their financial operations, cut costs, and improve the security and efficiency of transactions. In this article, we’ll take a deep dive into three crucial aspects of today’s financial landscape: payment systems, correspondent banks, and the Visa B2B Connect platform. We’ll explore how these technologies and services are reshaping the business world and how financial institutions can take advantage of them.
- SWIFT: tradition and security in global money transfers
For businesses involved in international money transfers, SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a dependable tool. Linking over 11,000 financial institutions in more than 200 countries, SWIFT provides a global network for money transfers.
In 2023, an average of 44.8 million payments were processed daily, underscoring the essential role of the SWIFT platform in the global financial infrastructure and its reliability for financial institutions worldwide. - SEPA: European ease for business
For businesses and Fintech companies in Europe, SEPA (Single Euro Payments Area) is an essential tool for euro payments. SEPA unites 36 countries into a single payment area, enabling money transfers as easily as sending money to a local bank.
According to the European Central Bank, the total number of cashless payments in the Eurozone exceeded 134 billion in 2023. - TARGET: big money, fast and secure
For Fintech companies and financial institutions handling large sums of money that require fast and secure payments, the European Central Bank offers the TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) system.
According to the European Central Bank, the number of payments processed through the TARGET system exceeded 479 million in 2023
Instant payments: the fastest path
to a more efficient business
Instant payments are a faster and more efficient solution for businesses looking to speed up financial operations. With instant payments, transactions can be completed in seconds, regardless of the time of day, ensuring immediate transfer of funds.
According to a report by ACI Worldwide, the number of instant payment transactions in Europe grew from 13.2 billion in 2022 to approximately 17.2 billion in 2023. This figure is expected to continue rising, reaching 38.6 billion by 2028, with a compound annual growth rate (CAGR) of 21%.
In today’s global market, many other payment systems also offer solutions for efficient business operations:
- ACH (Automated Clearing House) – a popular U.S. domestic payment system that provides efficient and secure transfers.
- Faster Payments – quick and secure payments in the United Kingdom, enabling businesses to make swift transactions.
- RTGS (Real-Time Gross Settlement) – real-time, high-value transfers available in various countries, ensuring the immediate availability of funds.
Understanding these payment systems helps businesses choose the most suitable solution to ensure fast, secure, and efficient financial transactions, adapting to the demands of different markets and fostering business growth.
Visa B2B Connect: global B2B payments through a single connection
n the business world, speed and security are crucial, especially for international transactions. Fintech companies are increasingly turning to innovative solutions to optimize their payment processes, and one such solution is the Visa B2B Connect platform. It offers significant advantages in both speed and security by leveraging modern technologies.
Key advantages of Visa B2B Connect:
- Unlimited Opportunities for outgoing payments to business partners in over 120 currencies, including GBP and USD.
- Leverage of Visa’s global network: built on Visa’s extensive global network, the platform offers versatile connectivity, allowing for clear timelines and transparent costs. This enhances predictability and economic efficiency in corporate transactions.
- Fast payment processing: the platform significantly reduces the time traditionally required for transactions, enabling quicker payment processing.
These features make Visa B2B Connect a powerful tool for businesses seeking to optimize their international payment processes, offering a combination of speed, security, and ease of use.
“Banks focused on serving FinTech companies are a crucial component in promoting the development of new and innovative financial services, thereby enhancing financial inclusion and literacy in society.”
Tīna Lūse
Managing Director of the FinTech Latvia Association
Employees Page
JAKUB WIĘCŁAW
Chairman of the Board
Chairman of the Board
Jakub Wieclaw joined the board of AS Magnetiq Bank in January 2025.
Jakub Wieclaw is a financial and banking technology professional with more than 15 years of experience in developing and implementing innovative FinTech solutions and facilitating strategic business development in the European region.
Prior to joining Magnetiq Bank, J. Wieclaw previously worked for Aion Bank S.A. and Vodeno Sp. z o.o. where, as Business Development Director, he managed projects in the Northern and Central European regions with a focus on Banking-as-a-Service solutions. Under his leadership, several important projects were implemented, working with companies such as PayPo, InPost, ZEN and others, ensuring the development and implementation of payment, lending and digital banking solutions.
J. Wieclaw is an expert in financial product development. One of his most notable achievements is the launch of the first fully mobile bank in Belgium. His expertise in digital transformation has helped transform traditional banks into modern neobanks, driving innovation and customer satisfaction.
DENISS FILIPOVS
Member of the Board
Member of the Board
Deniss Filipovs joined the board of AS Magnetiq Bank in January 2025.
Deniss Filipovs, as a member of the Magnetiq Bank Management Board, is responsible for the bank’s IT systems, developing and implementing an IT strategy that will contribute to the bank’s digital development as well as to the efficiency of internal systems.
D. Filipovs is a seasoned FinTech professional with over 15 years of experience in the banking and FinTech sectors. Prior to joining Magnetiq Bank, he worked at Tietoevry as Strategic Business Development Director, leading innovation projects and fostering collaboration between banks and FinTech companies. He has designed and implemented various international business development strategies that led to the integration of new market entrants and partnerships with central banks and financial communities around the world.
Prior to that, D. Filipovs worked at the Latvijas Banka for 10 years, working in a number of key positions, including Head of the Payment Systems Policy Department. He actively participated in working groups of the European Central Bank and the European Commission, contributing to the development of the financial sector. Deniss played a key role in the development of Latvia’s payment systems, including SEPA integration and the introduction of flash payments, strengthening the country’s competitiveness in FinTech.
SANDRA RITUMA
Member of the Board
Member of the Board
Sandra Rituma joined the board of AS Magnetiq Bank in May 2024.
Sandra Rituma oversees the areas of anti-money laundering and counter-terrorism and proliferation financing (AML/CTPF), sanctions risk management, operational compliance, and e-commerce risk management. She is an experienced compliance specialist with over ten years of experience in AML/CTPF and compliance in the banking and FinTech sectors.
For the past two years, she worked at “Pyypl” in the United Arab Emirates, leading the Compliance and AML/CTPF supervision team across several countries. From 2019 to 2023, she served as the Head of AML/CTPF at “Mintos AS”.
Sandra holds a professional master’s degree in financial management from the Banking Institution of Higher Education. She has completed an Executive MBA program at the Stockholm School of Economics in Riga. She continuously enhanced her expertise and obtained the CAMS (Certified Anti-Money Laundering Specialist) certification in 2018 and the PRINCE2 project management certification in 2022.
MAKSIMS LEŠČINSKIS
Member of the Board
Member of the Board
Maksims Leščinskis oversees risk control, financial accounting, financial planning and modelling, and document management.
M. Leščinskis is a highly qualified audit specialist with extensive experience in internal control and internal audit and over fifteen years of experience in the financial services sector. He has worked at Citadele Bank for nine years, leading the internal audit team at the group level in the Baltic states. Before this, he was the head of internal audit at Signet Bank and GE Money Bank.
M. Leščinskis holds a master’s degree in economics and business management from the Baltic International Academy and holds the ACCA (Association of Certified Chartered Accountants) certification.
JAKUB WIĘCŁAW
Chairman of the Board
Chairman of the Board
Jakub Wieclaw joined the board of AS Magnetiq Bank in January 2025.
Jakub Wieclaw is a financial and banking technology professional with more than 15 years of experience in developing and implementing innovative FinTech solutions and facilitating strategic business development in the European region.
Prior to joining Magnetiq Bank, J. Wieclaw previously worked for Aion Bank S.A. and Vodeno Sp. z o.o. where, as Business Development Director, he managed projects in the Northern and Central European regions with a focus on Banking-as-a-Service solutions. Under his leadership, several important projects were implemented, working with companies such as PayPo, InPost, ZEN and others, ensuring the development and implementation of payment, lending and digital banking solutions.
J. Wieclaw is an expert in financial product development. One of his most notable achievements is the launch of the first fully mobile bank in Belgium. His expertise in digital transformation has helped transform traditional banks into modern neobanks, driving innovation and customer satisfaction.
DENISS FILIPOVS
Member of the Board
Member of the Board
Deniss Filipovs joined the board of AS Magnetiq Bank in January 2025.
Deniss Filipovs, as a member of the Magnetiq Bank Management Board, is responsible for the bank’s IT systems, developing and implementing an IT strategy that will contribute to the bank’s digital development as well as to the efficiency of internal systems.
D. Filipovs is a seasoned FinTech professional with over 15 years of experience in the banking and FinTech sectors. Prior to joining Magnetiq Bank, he worked at Tietoevry as Strategic Business Development Director, leading innovation projects and fostering collaboration between banks and FinTech companies. He has designed and implemented various international business development strategies that led to the integration of new market entrants and partnerships with central banks and financial communities around the world.
Prior to that, D. Filipovs worked at the Latvijas Banka for 10 years, working in a number of key positions, including Head of the Payment Systems Policy Department. He actively participated in working groups of the European Central Bank and the European Commission, contributing to the development of the financial sector. Deniss played a key role in the development of Latvia’s payment systems, including SEPA integration and the introduction of flash payments, strengthening the country’s competitiveness in FinTech.
SANDRA RITUMA
Member of the Board
Member of the Board
Sandra Rituma joined the board of AS Magnetiq Bank in May 2024.
Sandra Rituma oversees the areas of anti-money laundering and counter-terrorism and proliferation financing (AML/CTPF), sanctions risk management, operational compliance, and e-commerce risk management. She is an experienced compliance specialist with over ten years of experience in AML/CTPF and compliance in the banking and FinTech sectors.
For the past two years, she worked at “Pyypl” in the United Arab Emirates, leading the Compliance and AML/CTPF supervision team across several countries. From 2019 to 2023, she served as the Head of AML/CTPF at “Mintos AS”.
Sandra holds a professional master’s degree in financial management from the Banking Institution of Higher Education. She has completed an Executive MBA program at the Stockholm School of Economics in Riga. She continuously enhanced her expertise and obtained the CAMS (Certified Anti-Money Laundering Specialist) certification in 2018 and the PRINCE2 project management certification in 2022.
MAKSIMS LEŠČINSKIS
Member of the Board
Member of the Board
Maksims Leščinskis oversees risk control, financial accounting, financial planning and modelling, and document management.
M. Leščinskis is a highly qualified audit specialist with extensive experience in internal control and internal audit and over fifteen years of experience in the financial services sector. He has worked at Citadele Bank for nine years, leading the internal audit team at the group level in the Baltic states. Before this, he was the head of internal audit at Signet Bank and GE Money Bank.
M. Leščinskis holds a master’s degree in economics and business management from the Baltic International Academy and holds the ACCA (Association of Certified Chartered Accountants) certification.
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