All-in-One Payment Terminals Were Presented at the Baltic Payment Forum in Lithuania

New payment acceptance and processing methods through modern EFTPOS terminals became one of the key topics at the Baltic Payment Forum 2024. The event brought together participants from 28 countries, including Lithuania, Latvia, Estonia, Ukraine, Poland, Hungary, Romania, Finland, the UK, the USA, Azerbaijan, Austria, and others. BS/2 and ASHBURN International supported the Forum as platinum sponsors.

At the Forum, attendees discussed current trends and developments in the financial sector in 2024. Many topics were covered, including the introduction of digital national currencies, the impact of neural networks on the financial industry, the increased popularity of cashless payments, and many more.

BS/2 and ASHBURN International showcased their hardware and software for the banking and retail sectors. The presentation included a 3-in-1 solution for modern EFTPOS terminals. With this product, retailers don’t need to purchase two or even three devices separately to accept payment for goods and services. Now it is enough to have just one terminal that can operate as a cash register, a payment device, and a fiscalization system.

3-in-1 functionality is already used by BS/2 and ASHBURN International partners in Central Asia, Europe, and the Caucasus. The solution was presented to Lithuanian companies at the Vilnius forum for the first time.

Developing the Financial Technology Ecosystem in Lithuania

The FinTech sector is a driving force behind Lithuania’s economic growth. Thanks to flexible financial regulations and an attractive business climate, the country has become a hub of FinTech development.

According to Invest Lithuania research, Lithuania had 270 FinTech companies at the end of 2023.

Vaida Česnulevičiūtė-Markevičienė, Vice-Minister of Finance of the Republic of Lithuania, greeted forum attendees. Among the national plans for developing the financial technology sector for 2023-2028, the modernization of banking services and the introduction of electronic payments take high priority.

Lithuania holds a leading position in Europe in the field of instant payments. Currently, 60% of payments in Lithuania are made immediately, compared to only 15% in the EU.

Vaida Česnulevičiūtė-Markevičienė, Vice-Minister of Finance of the Republic of Lithuania:

We are aiming to develop businesses which provide innovation in the digital economy. Financial services and technology are equally important parts of our FinTech strategy. There are already many strong players and companies in both areas in our country.

Making better decisions and creating better products and services is only possible through sharing experiences and creating an ecosystem with different players. Events such as the Baltic Payment Forum help to bring all stakeholders together and achieve the highest results in the financial sector.

The 3-in-1 solution is a Breakthrough in Digital Payments

During the forum, ASHBURN International debuted its 3-in-1 solution for the SUNMI P2 terminals. With this software, retailers can reduce equipment costs and manage payments conveniently and securely.

Moreover, these devices are compatible with Plug-and-Play technology. In other words, the equipment is ready for use right now. Merchants need only connect the terminal to the network and the system will automatically detect and set it up.

As an example, Lithuania has about 60,000 legacy cash registers that need to be replaced with multifunctional EFTPOS terminals.

Martynas Tiškevičius, Head of Sales Europe at ASHBURN International:

The multifunctional devices of the SUNMI line are especially suitable for small and medium-sized businesses. Our team presented SUNMI P2 and P3 Mix models at the forum. All these devices provide 3-in-1 functionality. The solution allows retailers to process different types of sales transactions on a single device. These include sales by cash, credit card transactions, refunds, discounts, cancellations, as well as inventory management and online fiscalization. Through the Android platform, enterprises can easily integrate multiple applications and use modern technology for efficient business management and quality customer service.

At the Baltic Payment Forum, the ASHBURN International team together with the Elavon representative introduced EFTPOS terminal features and shared about joint projects on the Polish market.

Elavon is one of the five largest payment service providers in the world, serving about 2 million customers across 30 countries. Data processing centers at the company process over 6 billion transactions per year with a value of almost $450 billion. Across Poland, Elavon operates more than 150,000 payment terminals.

In a recent presentation, Michał Kirszenstein, Strategic Partners Sales Manager at Elavon Financial Services DAC, discussed plans to promote self-service devices in the European payment industry. The expert expressed hope that the Polish experience could be applied to Lithuania and vice versa: Lithuanian innovations would be adopted by the Polish market.

Tomas Augucevičius, Deputy General Director BS/2:

ASHBURN International and BS/2 have Lithuanian roots. Thus, we are doubly honored to be platinum sponsors.

3-in-1 devices are definitely interesting for our target markets. In the future, I believe that the FinTech industry will have the opportunity to offer customers integrated solutions that incorporate payment systems, artificial intelligence technologies for data analysis, and interaction with other financial services to provide seamless solutions for customers. As a result, Lithuania and other countries can benefit from extensive cooperation and a mutual experience exchange. All these initiatives will contribute to the industry’s innovative development.

BS/2 Software Solutions for the Payment Business

BS/2 company presented modern software solutions for banks at its booth during the forum. The company specialists demonstrated to the participants the capabilities of Payments.iQᴺᴳ with Mobile ATM Control function. The system allows clients to use their smartphones to make payments at ATMs.

Attendees also expressed interest in the decision support system DS Center.iQ. The program collects data from various sources, including ATMs and EFTPOS terminals. Data is processed and analyzed, then presented as informative dashboards. In this way, customers can make the most effective business decisions.

Sebie Salim, CEO and Co-Founder at Tenakata, Director and Co-Founder at Eclectics International (Kenya):

We work with about 500 banks in our service area across Africa. Many of these organizations store vast amounts of data from multiple sources. In most cases, this data is unstructured. Banks need to be made aware of such software products.

Many banking decisions do not rely on data analysis. Banks are already expressing their willingness to make changes. However, only a few are taking concrete steps.

The Baltic Payment Forum is being held for the second time in Lithuania. This event has already established itself as a renowned platform for exchanging ideas and fostering new connections in payments and FinTech.

Karolina Aleksandrova, the Baltic Payment Forum Organizer, Founder & CEO ProMoney:

This year, forum emphasized innovations in the payment sphere. The purpose of this meeting was to discuss FinTech development prospects and tools meant to improve the customer experience in the banking industry.

We spoke about information security, artificial intelligence, and new solutions in this area. I hope that all participants learned something useful and that the event will help them stay ahead of the competition with the rapidly changing environment in the financial business.

Discover all the advantages of BS/2 software solutions for the banking industry. Get in touch with our experts by completing the registration form!

If you’re interested in a 3-in-1 device for payment systems, visit ASHBURN International’s website. Our experts will assist you in implementing new functionality and choosing the right solution for your business.