Important information on the changes of credit transfers in euros from 01 January 2016
We kindly remind that from 01 January 2016 Lithuania will join the Single Euro Payments Area (SEPA) where payments in euro shall be subject to equal requirements, conditions, rights and obligations.
We would like to draw your attention to the key changes
General (standard) form for payments in euros
General (standard) form for payments in euros will be used in the SEPA. It will be sued to execute payments in euros inside Šiaulių Bankas and in Lithuania as well as in other banks registered in the SEPA member states.
Beneficiary's and payer's names as well as payment purpose data fields are shorter in the new SEPA credit transfer form, however, more identifiers of a payer, beneficiary and payment purpose itself may be used. This information shall be submitted in the invoice statement in ISO 20022 XML format too.
The differences between new payment orders compared to currently used ones are as follows:
- Data fields for beneficiary's and payer's names are shorter - 70 symbols instead of previously used 200 symbols;
- Data field for payment purpose is shorter - only 140 symbols instead of previously used 300 symbols. Depending on a type of the payment purpose in this field you may submit either a payment code or a free-form text;
- Data fields for beneficiary's and payer's identification - there you will be able to specify only one identifier: a payer's code, company code, VAT payer's code, social insurance code, a code provided by service supplier, etc.;
- usage of Lithuanian symbols - they could be further used in payments executed among the accounts in Lithuania. In any of the account is outside Lithuanian you will have to use only Latin symbols.
Changes in payment order preforms and standing payment orders
Currently existing payment order preforms saved in the on-line banking system SB Linija and standing orders will be automatically changed into a new payment order forms meeting the SEPA requirements.
Replacing a currently used form with the new one, the aforementioned fields will become shorter (see General (standard) form for payments in euros), therefore part of the information saved in Your payment order pre-forms may become shorter or even disappear.
After these changes come in force (at the beginning of the next year), please verify the following:
- Your payment pre-forms and, upon necessity, correct them;
- Your standing payment orders and , upon necessity, form then again.
Payment order execution time
Payment orders to transfer funds in euros to other banks registered in Lithuania shall be executed as follows:
- submitted before 04.30 pm - on the same bank's business day;
- submitted after 04.30 pm - next bank's business day;
Payment orders to transfer funds in euros to other banks registered in other SEPA member states shall be executed as follows:
- submitted before 05.00 pm - next bank's business day;
- submitted after 04.30 pm -in two bank's business days.
It is worth knowing
- Executing the SEPA transfers to the SEPA member states, you will not have to specify the beneficiary's bank BIC code.
- Advice on how to abbreviate names of companies, organizations, states, etc. are available at Šiaulių Bankas site in the section Tips on how to shorten businesses, organizations etc. names.
- The Bank of Lithuania has issued three-minute film clearly and easily revealing the changes related to the SEPA payments. It is available in the SEPA section on the site of Šiaulių Bankas and on the bank's Facebook profile.
In case of any questions, please do no hesitate to contact by submittin a free form notification on the SB Linija or by
tel. 1813, (+370 37 301 337 when calling from abroad). More detailed information on the SEPA changes is available in the SEPA section.