"Large banks [SEB, DNB and Swedbank] are talking about a project called Banks' Identification Project. That project envisages an instrument that could be used in several banks and in Baltic countries... I think it would be useful if they managed to find an effective, secure and cheap solution," told Stasys Kropas.
In the long run, such an application could replace code generators or other means of identification used by banks, he said.
"It should be a secure instrument at the level of a qualified e-signature. Moreover, that instrument should be cheap as it would be best if banks' customers could use it free of charge. The banks involved are now holding talks and discussions with several companies, which have prepared bids and have already been selected," Kropas said, adding that the application was expected to be developed this year or next.
The project was open to other commercial banks or digital market participants, he added.
Swedbank, SEB and DNB have confirmed that they all participate in this project.
Stepped-up security requirements governing online payments with PIN code cards came into force in Lithuania on Jan. 1. In response, SEB, DNB and Swedbank have introduced extra identification by SMS. Meanwhile, Nordea this week has invited its customers to replace code cards with a mobile application.
