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January 12, 2018

Bank of Lithuania taps SIA for instant payments

The Bank of Lithuania, the country’s central bank, has chosen SIA to access RT1- EBA Clearing’s pan-European payments platform that went live in November 2017.

The central bank accessed RT1 using SIAnet, a fiber optic network stretching over 170,000 kilometres.

The move will allow other banks of the country to gain access to the RT1 platform, facilitating payments of up to €15,000 in below ten seconds.

SIA’s network infrastructure aligns with requirements of instant payments, and complies with Scottish Environment Protection Agency’s instant credit transfer scheme.

Bank of Lithuania member of the board Marius Jurgilas said: “Promotion and implementation of payment innovations that bring benefits to both consumers and businesses is one of the strategic directions of the Bank of Lithuania. Joining the upgraded Bank of Lithuania payment system CENTROlink, payment service providers could be one of the first in Europe to offer their clients instant payments.”

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