Instant payments at Šiaulių bankas already next year

2017-11-22

Along with the launch of a single instant payment scheme in Europe today, Šiaulių bankas is already preparing its infrastructure for this service. It is expected that such payments will be available for the Bank's clients less than in one year.

“This advanced payment method will give customers even more freedom in the cases when flexibility and speed matter. It takes just a few seconds for a money transfer, and the funds received are immediately available. Instant payments will expand the range of payment services offered by Šiaulių bankas and will promote electronic settlements”, says Vytautas Sinius, Head of the Šiaulių bankas Administration.

Instant payments will allow cash transfers between different banks to be performed instantly at any time of the day, even on weekends or holidays. The funds received will be immediately credited to the account and the recipient will receive a notice accordingly. From 21 November 2017, the instant payment service is available in 8 countries. In the long run, 34 European countries which are part of the SEPA Single Euro Payments Area will join the system.

Instant payments are considered an alternative to cash. They will be available through mobile gadgets or e-banking systems.

To make instant payments available to customers around the clock, Šiaulių bankas will update its banking system infrastructure and apply security procedures. The bank is planning to fully develop this system within a year. The bank committed itself to ensure the availability of instant payments on the payee's side by joining the Memorandum between the Bank of Lithuania and commercial banks on implementation of the instant payment service.