Changes of Credit Transfers in Euros as of 1 January 2016

We would like to kindly remind you that as of 1 January 2016, Lithuania will join the Single Euro Payments Area (SEPA) where payments in euros shall be subject to uniform requirements, conditions, rights, and obligations.

Please Note the Main Changes

Single (Standardised) Form for Payment Orders in Euros

The single (standardised) form for payment orders in euros will be used in the SEPA. It will be used to make transfers in euros to the banks registered in Lithuania and other SEPA member states, as well as inside Nordea Bank.

The new SEPA credit transfer form has shorter Beneficiary’s Name and Originator’s Name, as well as Payment Details fields but it is possible to use more various identifiers for the originator, beneficiary and payment details. This information will also be provided in the account statement in ISO 20022 XML format.

The differences of new payment orders in euros as compared to the currently used orders are as follows:

• Shorter Originator’s and Beneficiary’s Name fields – instead of 200 characters you will be able to use up to 70 characters.
• Shorter Payment Details field – instead of 300 characters you will be able to use up to 140 characters. Please remember that only one field may be used, i.e. the Reference Number or the Payment Details field.
• Originator’s and beneficiary’s identification fields – you will be able to use only one identifier: personal number, company code, VAT number, social insurance number, a code provided by a service provider, etc.
• Use of Lithuanian characters – you will be able to keep using them when making payments between accounts in Lithuania. If at least one of the accounts is outside Lithuania, you will have to use only Latin characters.

Beneficiary Register Changes

Beneficiary registers currently saved by you will be automatically replaced by the new payment order form corresponding to SEPA requirements.

When these changes are implemented (at the beginning of the next year), check your standing order agreements and, if required, conclude them again.

Time of Execution of Payment Orders

Payment orders for fund transfers in euros to the banks registered in Lithuania and other SEPA member states will be executed as follows:

• If submitted until 3.30 PM – on the same bank working day.
• If submitted after 3.30 PM – on the next bank working day.

Useful Information

• When making SEPA transfers to SEPA member states, you will not have to indicate the beneficiary bank’s BIC code.
• The Bank of Lithuania shared a three-minute informational video where changes related to SEPA payments are presented in a clear and simple way.