Important news for business customers – the payment import order is changing

2017-11-10

Šiaulių Bankas kindly reminds since 19 November this year, a significant change  - amendments to the Credit Transfer Scheme Rulebook  - for companies initiating a large number of payments will come into force. According to them, two new elements will be mandatory in the ISO 20022 XML standard notifications.

It is important for entities that use data transfer files, otherwise known as data import between their accounting software and their on-line banking system, for submitting payments to the bank.

This means that payment service providers operating in the market, clients (companies) and accounting software and IT system installers need to carry out necessary preparatory work. We would like to draw your attention that failing to install necessary changes, payment orders will not reach the payment service providers (data import files will be rejected).

The updated version the ISO 20022 XML Standard Notification Usage Rules is available here.

This change is part of Lithuania's accession to the Single Euro Payments Area (SEPA). According to the  SEPA Regulation other than very small companies must  use ISO 20022 XML format messages if they send or receive payment orders grouped in files, in other words,  use of import /export data between their accounting and on-line banking systems.

Upon joining SEPA in 2016, the Lithuania's payment market has become more open. No more differences are left in domestic credit transfers or in transfer to other SEPA  countries - residents and corporate entities use the same form of payment orders.

In case of any queries, do not hesitate to contact us by tel. 1813 (+370 37 301 337 when calling from abroad), e-mail to kc@sb.lt or visit any customer service point of Šiaulių Bankas.