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Payments General

Central Bank of Lithuania selects SIA to access instant payments

Friday 12 January 2018 | 10:51 AM CET

The Bank of Lithuania, the Central Bank of the country, has selected SIA to access RT1, the pan-European instant payments infrastructure that is operative as of 21 November 2017.

Via SIAnet, the fiber optic network with high speed and low latency stretching over 170,000 kilometers, the Bank of Lithuania was one of the early users to join EBA Clearing’s system.

Through the Central Bank’s connection, Lithuanian banks can access the RT1 infrastructure allowing the country system to execute instant payments up to 15,000 euros in less than 10 seconds, 24/7, all year long.

The network infrastructure SIAnet is designed to meet the specific requirements of instant payments in terms ease of integration with any application environment and compliance with SEPA’s Instant Credit Transfer (SCT Inst) scheme created by the European Payments Council.

Interested to learn more about the Bank of Lithuania's fintech strategies? Check out The Paypers interview with Marius Jurgilas - Member of the Board of the Bank of Lithuania - who discusses the fintech strategy of The Bank and how Lithuania paves the way for new innovative players to enter the European market.

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