On Nov. 19, 2024, LTH PRL published Law XIV-3093 of Nov. 12, 2024 amending articles 2, 4, 5 and Annex of Law IX-1597 re finality of settlements in payment and securities settlement systems; the law enters into force on Apr. 9, 2025.
On Nov. 12, LTH MoF said LTH PRL adopted Finality of Settlements.
LTH MoF said LTH PRL adopted bill XIVP-4171 amending the finality of settlements in payment and securities settlement systems Law No IX-1597, re instant payments.
All payment service providers must provide instant credit transfers to all their users.
Payments are processed within 10 seconds, 24/7; same charges as regular transfers.
Users have the right to decide which transfer, instant or not, they want to make.
Payment institutions and electronic money institutions can participate directly in payment systems, improving competitive conditions with other market participants.
Most banks in Lithuania already provide such services, but from now on all payment service providers will have to provide instant payment services and ensure reliability.
Also, payment institutions and electronic money institutions are required to prepare a termination plan that would ensure smooth and orderly termination of operations.
Effectiveness
The adopted changes are effective as of Apr. 9, 2025.
Nov. 19, 2024 Law Published
On Nov. 19, 2024, LTH PRL published Law XIV-3093 of Nov. 12, 2024 amending articles 2, 4, 5 and Annex of Law IX-1597 re finality of settlements in payment and securities settlement systems; the law enters into force on Apr. 9, 2025.
Regulators
LTH MoF; LTH PRL
Entity Types
Auditor; Bank; MSB
Reference
OG 2024-20113, 11/19/2024; Law XIV-3093, 11/12/2024; PR, 11/12/2024; Bill XIVP-4171
