Bank of Lithuania integrates instant payments
Written by Chris Lemmon
The Central Bank of Lithuania has partnered with SIA to access RT1, the pan-European instant payments infrastructure.
Through the new connection, Lithuanian banks will now be able to execute instant payments up to €15,000 in less than 10 seconds all year round. The network infrastructure is designed to meet the security and reliability requirements of instant payments and complies with SEPA’s Instant Credit Transfer scheme created by the European Payments Council.
Marius Jurgilas, member of the Bank of Lithuania board, commented: “Promotion and implementation of payment innovations that bring benefits to both consumers and businesses is one of the strategic directions of the Bank of Lithuania. Joining the upgraded Bank of Lithuania payment system CENTROlink, payment service providers could be one of the first in Europe to offer their clients instant payments. We see great interest in our system and the possibilities it offers.”
Andrea Galeazzi, network services director of SIA, added: “We are particularly proud to have reached this significant agreement with Bank of Lithuania allowing the country system to take part from the beginning in the instant payments revolution. It’s another remarkable success at international level that highlights SIA’s technological capabilities leveraging its innovative network solution.”