On Sep. 25, LTH CB approved a comparison site for small businesses.
LTH CB confirmed it will develop a comparative website of payment service rates, allowing small and micro-enterprises to compare rates of different payment services.
Follows LTH PRL Jul. 2024 published law amending the payments law, see #221070.
Comparative Website
The description has been approved, outlining which payment service rates will be published and which payment service providers will supply these rates.
LTH CB and LTH MoF initiated amendments to payments law, adopted Jul. 2024.
In the description approved today, LTH CB has established that the following information relevant to small and micro-enterprises will be published on the website.
Fees for payment service plans; opening, maintaining and closing a payment account; credit transfers in euro (outgoing and received); fees for outgoing and incoming payments from risk-free countries; business card rates; fees for cash transactions.
Fees for card readers and processing of payments by card and settlement fees.
Information will be provided by banks operating in Lithuania, credit unions, electronic money and payment institutions, the income of payment services of which, when calculating the average of the last 3 reporting years, is at least €5 million.
Effectiveness
The business rate comparison site will be operational from Jan. 1, 2025.
