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SEPA: to corporate clients

The corporate clients that transmit e-invoice data in LITAS-ESIS format will have to adjust their performance and accounting systems to meet the SEPA requirements since the beginning of 2016.

Those clients whose collect the funds using a direct debit service will be offered an option, i.e. e-invoice service. Small companies that execute their payment via the Internet bank will be required to make the least number of amendments.

SEPA credit transfers
ISO 20022 file formats
E-invoice

A SEPA credit transfer is a credit transfer in euro carried out in compliance with the single SEPA credit transfers scheme prepared by the European Payments Council. Since 01 January 2016, when the SEPA requirements will come into force in Lithuania, the country;s companies and public sector will have to start using single formates of the credit transfers and regulations  in the entire SEPA area.

According to the SEPA regulations the companies (expect the very small ones) that import or export data between their accounting and Internet banking systems will have to use the messages form in ISO 20022 XML format instead of the currently used LITAS- ESIS.

What is going to change and how?

The key amendments made to the credit transfers are as follows:

  • The same payment form we shall apply to both the domestic and international SEPA transfers.
  • It will not be necessary to specified the beneficiary's BIC code while proceeding international SEPA transfers.
  • If the beneficiary's account is with the bank registered in the Republic of Lithuania the Lithuanian symbols could be further used in the SEPA transfer forms.
  • Beneficiary's and payer's names as well as payment purpose data fields will become shorter in the new SEPA credit transfer form, however, there will appear possibility to use more identifiers for a payer, beneficiary and payment purpose itself.

Field

Domestic transfer in euros
(before 31 December 2015 )

SEPA transfer in euros
(since 01 January 2016 )

Payer's and beneficiary's names

200 symbols

70 symbols

Payer's and beneficiary's identifiers

Please provide one or both identifiers from the list:
• natural/legal entity's code
• client's code in the payer's or beneficiary's information system

One type of identifiers should selected from the list providing its number or code:
• natural/legal entity's code
• client's code in the payer's or beneficiary's information system
• VAT payer's code
• soc. insurance number
• etc.

Payer's and beneficiary's addresses

-

140 symbols

Payment purpose

300 symbols

140 symbols 

(after filling this field, it will not be possible to provide the information in the payment code field)

payment code

16 symbols

35 symbols, informations should be provided in compliance with the set form 

(after filling this field, it will not be possible to provide the information in the payment purpose field)

Payment document number

10 symbols

35 symbols 

(a number used to identify a money transfer transaction is sent to the beneficiary unchanged)

Instruction Identification

-

35 symbols 

(this number is not sent to the beneficiary, therefore the payer could use it only for its own purposes)

What is going to change and how?

Currently in Lithuania the companies use the LITAS ESIS format to interchange messages between accounting and internet baking data.  Implementing the SEPA requirement this format will be changed into the ISO 20022 XML format.

Since 01 January 2016 the companies sending payment orders to the Internet bank will have to use the messages in the ISO 20022 XML format and will receive the accounts statements of the same format from the Internet bank to their accounting software.  The new format will provide the companies possibility to automate the submission and processing of the information thus increasing the efficiency of their performance.

The following payment could be imported with the ISO 20022 XML file:

  • payment in any currency within the bank;
  • payment in euros in Lithuania and other banks registered in the EU;
  • Salary payments;
  • international payments.

ISO 20022 XML sample files

Warning! ERP software developing and supporting companies can submit prepared ISO 20022 XML files for check also by e-mail: sepa@sb.lt.

SEPA documents

What is going to change and how? 

Since 01 January 2016 a direct debit service will no longer be provided in Lithuania as it does not comply with the SEPA requirements. We will offer an option - a new e-invoice service - to the Lithuanian companies which will allow convenient collection of funds from the payers.

E-invoice is an electronic invoice formed, sent, registered and stored in electronic environment.

The beneficiaries (usually companies), after agreeing with the Šiaulių Bankas' operator, will be able to provide e-invoices to their clients and business partners in the Internet baking system. They, on their turn will be able to settle e-invoices by clicking a single button or to select an automated payment.

Benefits of an E-invoice

The companies will be able change the currently used direct debit service with an e-invoice service, thus facilitating internal processes and consolidating collected funds, while the payers will conveniently receive the invoices for settlement to their Internet banking system.

The benefits of e-invoice to the companies are as follows:

  • optimal costs while providing the service to a beneficiary  and choosing a credit institution;
  • standardized format of an invoice submission file ;
  • possibility to collect the funds form al the payers into the account selected by the company regardless of who is the payer's payment service provider;
  • possibility to inform the payers about the received e-invoices by sending SMS, e-mail or through other channels.
  • domestic companies rendering small and medium services do not need much investments;
  • environmentally friendly as paper invoices are replaced by electronic ones.

How a direct debit will be replaced by an e-invoice service?

Direct debit consents submitted by the payers before 28 December 2015 will be automatically changed into agreements regarding e-invoice service submission with automated payment.

Currently used direct debit will be changed into e-invoice submission service in January 2016. Those payers who do not agree with the changes will be able to refuse an e-invoice service.

E-invoice documents

The list of bank's transaction types

If you have any question related to the SEPA changes, do not hesitate contacting us by e-mail kc@sb.lt.

More information of changes is available on the Internet site of the Bank of Lithuania at www.sepa.lt.

5 TIPS to help businesses prepare to the e-invoicing service

Tips on how to shorten businesses, organizations etc. names