Local substance in Latvia
Key decision-making power resides within our Riga headquarters. Strict internal governance framework with board oversight, ensuring adherence to capital requirements and local regulatory substance.
Building a secure, compliant and scalable merchant services infrastructure within the EU regulatory framework. Codego Europe SIA is developing payment acquiring capabilities under the supervision of the Bank of Latvia (Latvijas Banka), serving micro-SMEs and SMEs across the European Economic Area with transparent card acquiring, settlement and reporting services.
Merchant onboarding follows a structured compliance-first approach. Every applicant undergoes thorough due diligence, risk assessment and regulatory review before activation. Upon authorisation, the process is designed to be transparent and efficient.
Upon authorisation by the Bank of Latvia, Codego Europe SIA intends to offer the following payment services. Each service is designed with regulatory compliance, operational transparency and merchant protection at its foundation.
Technical processing of card-based payment transactions. Acting as the bridge between merchants and international card schemes (Visa, Mastercard).
•Transparent settlement of funds to merchant accounts. Detailed reconciliation reports to help SMEs match sales with deposits accurately.
•Clear, auditable dashboards providing granular data on transaction status, chargebacks, fees and settlement timelines.
•Structured KYC/AML due diligence, UBO identification, risk profiling and ongoing monitoring for every merchant relationship.
•Dispute resolution framework, representment support, chargeback monitoring and fraud prevention tools for merchants.
•Client funds held in dedicated safeguarding accounts at reputable credit institutions, strictly separated from operational funds.
•Codego Europe SIA maintains a clear and narrow scope of services. We focus exclusively on payment acquiring and do not engage in activities outside our regulatory mandate. This focus ensures operational integrity and regulatory compliance.
By maintaining strict service boundaries, we provide our merchants and supervisory authorities with clarity on the nature and limits of our operations.
Codego Europe SIA operates under the regulatory framework of the Republic of Latvia. Our compliance infrastructure is designed to meet and exceed the requirements set by the Bank of Latvia, ensuring the highest standards of governance, transparency and fund protection.
Codego Europe SIA operates under a strict internal governance framework with key decision-making power residing within our Riga headquarters. Our risk management model follows best practices for European payment institutions.
| Framework | Description | Status |
|---|---|---|
| 3 Lines of Defence | Operational controls, independent monitoring, internal audit assurance | Designed |
| AML/CTF Framework | Zero tolerance for financial crime, mandatory UBO identification, real-time monitoring | Documented |
| DORA Alignment | Digital Operational Resilience Act — cybersecurity and ICT risk management | Designed |
| ICAAP | Internal Capital Adequacy Assessment Process — sufficient own funds for all risks | Documented |
| PSD2 Compliance | Strong customer authentication, transaction monitoring, operational security | Designed |
| Safeguarding | Client funds segregated in dedicated accounts at credit institutions | Planned |
| Governance | Local substance in Latvia, strict internal governance, board oversight | Documented |
As part of its licence application, Codego Europe SIA has identified the following industry standards and networks as targets for its planned operations. Formal memberships, certifications and scheme licences will be pursued upon or following regulatory authorisation.
| Standard / Network | Description | Status |
|---|---|---|
| Visa & Mastercard | International card scheme membership for acquiring services | Target |
| PCI DSS | Payment Card Industry Data Security Standard compliance | Planned |
| SEPA | Single Euro Payments Area — euro settlement infrastructure | Target |
| ISO 27001 | Information security management system certification | Planned |
| SWIFT | International financial messaging network | Under assessment |
Codego Europe SIA is not pursuing aggressive expansion. Instead, we prioritise stability, capital adequacy and the trust of our supervisory authorities. Every decision is grounded in prudent risk management and regulatory alignment.
Key decision-making power resides within our Riga headquarters. Strict internal governance framework with board oversight, ensuring adherence to capital requirements and local regulatory substance.
Operating under the regulatory framework of Latvijas Banka. Full alignment with PSD2, AML/CTF directives and the Law on Payment Services of the Republic of Latvia.
Client funds held in dedicated safeguarding accounts at reputable credit institutions, strictly separated from operational funds. Protection guaranteed by regulation.
Fully aligning with the Digital Operational Resilience Act (DORA) for cybersecurity, ICT risk management and operational resilience standards.
A robust risk management model separating operational controls, independent monitoring and internal audit assurance. Zero tolerance for financial crime.
Internal Capital Adequacy Assessment Process ensuring sufficient own funds to cover operational, credit, market and concentration risks. Beyond minimum requirements.
Codego Europe SIA is a limited liability company incorporated in the Republic of Latvia, dedicated to providing secure and efficient payment acquiring services for European businesses. Our mission is to support the real economy by offering transparent acquiring services, grounded in a philosophy of prudent risk management.
We envision a sustainable growth path. Rather than pursuing aggressive expansion, Codego Europe SIA prioritises the stability of its infrastructure, capital adequacy and the trust of its supervisory authorities. Every aspect of our operations is designed to meet the highest standards of European financial regulation.
Codego Europe SIA operates under a strict internal governance framework with key decision-making power residing within our Riga headquarters.
Contact usCodego Europe SIA is building payment acquiring infrastructure for European SMEs. For business enquiries, partnership discussions or compliance-related questions, please contact our team.
Codego Europe SIA · Skunu Street 19, Riga, LV-1050, Latvia
Reg. No. 40203662566 · Bank of Latvia applicant
For merchant onboarding, partnership discussions and general business enquiries.
Send emailFor regulatory, compliance and governance-related enquiries.
Compliance team