Outstaffing and Outsourcing

During the process Smartex Media takes on key responsibilities for organising internal processes of a financial company, freeing up the client’s resources to build relationships with external partners and implement the business idea.

In terms of legislation, outstaffing is implemented in such a way that the client does not have any employment relationships with the outstaffed employee, as the employee is rented out and still has formal employment with the contracting company. All duties the outstaffed employee performs for the client’s company are performed as part of the outstaffing service.

Outstaffing Key Benefits:
  • Reduction in the initial investment required;
  • Immediate access to qualified specialists;
  • Quicker launch of the new company into operations;
  • Ability to use required specialists only when needed.
Additional Benefits:
  • Reduction in paperwork;
  • Reduction in Accounting and HR workload;
  • Reduction in Staff Management Costs;
  • Simplification of staff administration processes;
  • Exclusion of risks to violate labor legislations;
  • Redistribution of budget.
Cooperation Structure of Smartex Media with a Financial Company

Starting a payment company or an electronic money issuing company together with Smartex Media allows you to get fully functioning business in the shortest period of time, as all efforts are instantly directed towards obtaining status of a payment company or an electronic money issuer.

This approach allows you to immediately concentrate on building relations with your partners, customers and servicing banks.


Smartex Media Provides:
  • Ability to use Smartex Media premises until the registration of a rental agreement for a new office space;
  • Ability to set up new company’s payment system in Smartex Media server space;
  • Ability to use Smartex Media specialists to work on current tasks;
  • Legal support;
  • Accounting services;
  • Communication with public and legal authorities;
  • Physical and information security in the Smartex Media premises.

Use of Smartex Media resources allows a new payment company or electronic money issuer to focus on the following tasks:

Together with Smartex Media:
  • Preparation of guidance documentation - policies, procedures, work duties;
  • Receiving status of a payment company or electronic money issuer;
  • Forming company’s workforce;
  • Installation and configuration of Paymart Suite payment system on new company’s servers.
  • Business model development;
  • Networking and building relationships with potential partners and customers;
  • Establishing partnerships with banks and other payment systems.

However, all of those tasks can be performed jointly with the Smartex Media Company - for more information please refer to “Cooperation Opportunities” section.


Outstaffing — is a process of renting out specialists of a contracting company to work on the projects controlled by a client’s company. This can last for as long as the services of the outstaffed specialists are required by the client’s company. All employer obligations are carried out by the contracting company. (Wikipedia)
Outsourcing - is a practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing work internally. It involves contracting out a business process or a function to another company that specialises in the relevant field. (Wikipedia)
Smartex Media fully organises the internal operations and processes of the new company, and communicates with the public and state authorities. External business processes of the new company (including partners, customers and banks), unless otherwise stated and defined in a separate partnership agreement, are not included in Smartex Media operations and responsibilities.
Cooperation Opportunities

Smartex Media employees have necessary experience and long lasting contacts in various organisations, banks, IT companies, and international payment systems. This allows us to offer a wide spectrum of services to our customers.

In the field of payment services:
  • Assistance in opening of current accounts in the banks of Latvia and European Union;
  • Search for partners in Latvia and European Union;
  • Preparations to pass PCI DSS (Payment Card Industry Data Security Standard) LEVEL 1 audit;
  • Assistance in opening a merchant account to receive payments via MasterCard and Visa payment cards;
  • Assistance in registering the company as MSP and ISP in the bank servicing merchant’s account;
  • Assistance in preparing applications to receive Principal Membership MasterCard and/or VISA.
In the field of receiving Latvian residence permit:
  • Search of real estate in Latvia;
  • Search of investment projects in Latvia;
  • Assistance in receiving Latvian residence permit;
  • Search of art objects for interior of acquired real estate.
PCI DSS — is a proprietary information security standard for organisations that handle payment cards information, created to increase controls around cardholder data, provide security and to ensure that merchants meet minimum levels of security when they store, process and transmit cardholder data. There are various control levels of the standard. Payment companies and electronic money issuers belong to the control LEVEL 1.