Through the central bank’s connection, Lithuanian banks will be able to access the RT1 infrastructure allowing the country system to execute instant payments up to €15,000 in under 10 seconds.
SIA’s network infrastructure has been designed to meet specific requirements of instant payments, as well as being compliant with Scottish Environment Protection Agency’s instant credit transfer scheme, created by the European Payments Council.
Marius Jurgilas, member of the board of the Bank of Lithuania, 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.”
Andrea Galeazzi, network services director of SIA, added: “We are particularly proud to have reached this significant agreement with Bank of Lithuania allowing the country system to take part from the beginning in the instant payments revolution. It’s another remarkable success at an international level that highlights SIA’s technological capabilities leveraging its innovative network solution.”