Important Innovation for Business Customers: the ISO Standard Change
Šiaulių bankas informs that from 19 November this year, a significant change will come into effect, which will be relevant to companies that initiate a large number of payments.
This novelty is important for companies that use data file exchanges in their payments to their bank (or other payment service provider) otherwise known as data import / export between their accounting software and the online banking system.
On 19 November the Credit Transfer Scheme Rulebook changes come into effect that will require the use of two new elements in XML Standard Reports according to ISO 20022.
This means that the payment service providers acting in the market, customers (companies) and accounting software and IT developers will have to carry out the necessary preparatory work on that day. Please note that without installation of the necessary changes, the orders will not reach the payment service providers (data import files will be rejected).
An updated version of the rules for the use of ISO 20022 XML Standard Notices is available here.
The changes relate to Lithuania's accession to the Single Euro Payments Area (SEPA). The SEPA Regulation states that enterprises, other than the very small, when sending or receiving payment orders, grouped in files, in other words using data import / export between their accounting and online banking systems, must use ISO 20022 XML messages.
By joining SEPA, the Lithuanian payment market has become more open. From 2016, there are no differences in domestic credit transfers or to other countries covered by the SEPA: by payment instructions, residents and businesses use the same form of payment.
If you have any questions, please call 1813 (if calling from abroad 370 37 301 337) or by e-mail: email@example.com or visit Šiaulių bankas branches.