Šiaulių Bankas has successfully joined the Single Euro Payments Area
We have started the year of 2016 by joining the Singe Euro Payment Area (SEPA) which is an event important to the entire country. Šiaulių Bankas has successfully implemented all changes associated with accession, therefore the clients in Lithuania as well as in other member states belonging to the SEPA will be able to transfer the funds in euros in unified formats, scope of information and in compliance with the same regulations.
"Accession to the SEPA is as important as the euro adoption. We have been intensively preparing in the course of the year to allow our customer executing the payments in euros in the SEPA smoothly from the very begging of the year - we have made respective amendments to the bank's systems, tested them, prepared free seminars to the clients and spread the information on these changes through the various channels. The project has been successfully completed and the clients having one account in any SEPA member states can transfer and receive the funds in the entire single euro payment area without any restrictions, more comfortably, faster and easier than before, - says Andrius Kamarauskas, Leader of the SEPA Project Team of Šiaulių Bankas. - Joining the single euro payment area is another important step of the euro integration into the advanced e-banking market".
Now a single unified payment form is used while executing transfers in the SEPA which covers 34 states (all of the European Union (EU) member states, plus Norway, Iceland, Lichtenstein, Switzerland, the Principality of Monaco and San Marino). It is a little bit different from the form previously used in Lithuania, however it is easy to fill in - you have to write a beneficiary's account number, choose a currency, and fill the payment purpose field (up to 140 symbols). More information on how to make the SEPA credit transfers and what has changed is available at the SEPA section of the bank's Internet site.
After joining the single euro payment area the clients will face another change - provision of the direct debit service as not complying with the requirements of the SEPA regulations is currently suspended and will be replaced by the convinient e-invoice service in the nearest future.