Joining the first wave of the pan-European adherence to the new scheme, the Bank of Lithuania has opened up the possibility for financial institutions to offer their clients in the field of payments – instant payments.
The instant payment solution has been added to CENTROlink in the first wave of the pan-European adherence to the new scheme – starting from 21 November 2017 instant payments will be accessible in 8 countries: Lithuania, Latvia, Estonia, Germany, Italy, Spain, the Netherlands and Austria. Eventually the service will be available across SEPA, i.e. in 34 European countries. Funds will be credited instantly not only in these countries but also between them.
Seeking to encourage major banks to start offering instant payments as quickly as possible, the Bank of Lithuania, together with the three largest banks in the country, signed a memorandum on the provision of the instant payment service.
Currently, several dozen payment service providers are using CENTROlink services, including Citadele, Medicinos bankas, Šiauliu Bankas, and various credit unions. Participants of the non-bank sector – Contis Group, Elektroniniu mokejimu agentura, Paysera, Perlo paslaugos, Revolut, among others – can also access them through the Bank of Lithuania infrastructure.
Crediting of funds using standard payment methods could take up a few days if the payer and the beneficiary held their accounts with different payment institutions. For example, if a transfer of funds was to be made late Friday afternoon, the beneficiary would only receive it on Monday.
CENTROlink has the widest range of SEPA services in the Baltic-Nordic region, including instant payments and direct debit.
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