Lithuania’s central bank selects SIA to access instant payments
The Bank of Lithuania, the nation’s central bank, has selected SIA to access RT1, the pan-European instant payments infrastructure that goes live on 21 November 2017.
The bank will use SIAnet, a fiber optic network stretching over 170,000 kilometres. SIA says the Bank of Lithuania was one of the early users to join EBA Clearing’s system.
Through the central bank’s connection, Lithuanian banks can access the RT1 infrastructure allowing the country system to execute instant payments up to €15,000 in “less than ten seconds, 24/7, all year long”.
Marius Jurgilas, member of the board of the Bank of Lithuania, says by joining its upgraded system Centrolink, payment service providers “could be one of the first in Europe to offer their clients instant payments”.
SIA adds that its SIAnet has compliance with SEPA’s Instant Credit Transfer (SCT Inst) scheme created by the European Payments Council.
