On 2017 11 19, an important change comes into effect which is relevant to undertakings initiating a large amount of payments that use data exchange files (or data import/export between their accounting program and internet banking system or an integrated payment system) to submit payments to their bank.
These changes result from the requirements set by the SEPA Regulation. This is a legislative act of general application, binding for our country.
The Credit Transfer Scheme Rulebook Changes become effective from 19 November based on which ISO 20022 XML standard messages will have to use two additional elements. The changes are minimal but have great importance. This means that on that day the payment service providers active in the market, customers (companies) and accounting software/IT installers need to do the required preparatory work.
First, the changes must be implemented by the payment service providers (banks are in process of preparation). Second, respective action must be taken by customers who use the said payment initiation data import/export to make credit transfers. Unless the required changes are implemented, transfers will not reach the payment service providers (data import files will be rejected).
The updated version of the Rules for the Use of ISO 20022 XML Standard Messages (the changes are marked in the document) is available here.
The main change in ISO 20022 XML standard messages is related to the mandatory use of two new elements (Element „Control Sum“ <CtrlSum> usage becomes mandatory both in Group Header and Payment Information level and Element „Number of Transactions“ <NbOfTxs> usage becomes mandatory also on Payment Information level).
All these changes are related to Lithuania’s membership in the single euro payments area (SEPA). The SEPA regulation provides that undertakings, except for very small companies, sending or receiving payment transfers grouped in files, i.e. using data import/export between own accounting and internet banking systems, must use ISO 20022 XML message formats.
After Lithuania joined SEPA, the country’s payments market became more open. Since 2016, domestic credit transfers and credit transfers to other SEPA countries have been uniformed, i.e. individuals and undertakings use the same payment form to submit payment orders.
