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Central Bank of Lithuania Selects SIA To Access Instant Payments

MILAN–(BUSINESS WIRE)–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. Thanks to 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 specially designed to meet the
specific requirements of instant payments in terms of security,
reliability, ease of integration with any application environment and
compliance with SEPA’s Instant Credit Transfer (SCT Inst) scheme created
by the European Payments Council.

“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 international level that highlights SIA’s technological
capabilities leveraging its innovative network solution,” commented
Andrea Galeazzi, Network Services Director of SIA.

‘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. We see great interest
in our system and the possibilities it offers’ said Marius Jurgilas,
Member of the Board of the Bank of Lithuania.

Article source: http://www.businesswire.com/news/home/20180111005465/en/Central-Bank-Lithuania-Selects-SIA-Access-Instant/?feedref=JjAwJuNHiystnCoBq_hl-aC45ZVAsfQfjy4iJM4P87A1-eIfwn0x0eiSlv8DaAkIg_EfkFOaNgL2PG4SPbr1kg_A2CGL-EyAtYNbtACnGnJ51YlY7W-9mzj-PuJxyuYnS-XfqwrefcF50_QVKGoICg==