SEPA: The Single Euro Payments Area
From 1 January 2016, Lithuania will join the Single Euro Payments Area – SEPA, where payments in euro and direct debit transactions in euro will be carried out according to the same payment schemes and the same requirements in all European states in SEPA.
Payments (credit transfers) in euro
After Lithuania joins SEPA, making payments will become simpler and more convenient as the differences between local and international payments in euro will disappear in SEPA.
How will the euro payment form change as of 2016?
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Payer and Beneficiary name fields will be shortened from 200 characters to 70.
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Payment details field will be shortened from 300 characters to 140. This field may contain a payment code or a text of free form.
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Payment code field: there will no longer be a separate field for the payment code. The payment code may be indicated in the payment details field using up to 35 characters. Either the payment code or payment purpose may be indicated, i.e., if the payment code is indicated, the payment details field cannot be filled in.
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Payer and Beneficiary identification fields: only one identifier may be indicated: national identification number, VAT number, social insurance number, the code granted by the service provider, etc.
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Use of Lithuanian characters: the use of Lithuanian characters will be permitted for payments between the accounts in Lithuania. If any of the accounts is not in Lithuania, only the Latin alphabet may be used.
Direct debit service
The current direct debit service does not meet the SEPA requirements and therefore, this service will be replaced by e. invoice service in Lithuania by 1 January 2016.
E. invoice is an alternative to the current direct debit service.
Contact us
More information about SEPA and other offers is available by calling a toll-free telephone number 8 800 72 739 and in our website www.citadele.lt. br>
The news about SEPA in Lithuania and the answers to frequently asked questions are available at www.sepa.lt.