LITAS-MMS is the payment system for making retail payments. The system was launched on 29 January 2007. It is maintained and operated by the Bank of Lithuania.

Retail payments are ordinary non-urgent credit and debit transfers initiated by credit institution customers. These transfers may also be large value payments, since the amount of payment is not limited in the system LITAS-MMS. Compared to the international practice, retail payments are processed fast in Lithuania, i.e. the period of time from the moment of submission of a payment order by the payer’s credit institution to the system to the moment when the payment is settled (the funds are credited to the beneficiary’s credit institution’s account with the Bank of Lithuania and payment–related information is transferred) lasts no longer than three and a half hours. This is determined by the use of four payment order processing cycles in the system LITAS-MMS, which are performed at 9:00, 12:00, 15:00 and 15:30. The funds will be credited to the beneficiary slightly later, after the beneficiary’s credit institution performs the required payment transaction validations and records it in its internal systems. Usually, this does not take longer than one hour.

LITAS-MMS operates each day, with the exception of holidays set out in the legal acts of the Republic of Lithuania, and accepts payment orders from 7:45 to 15:30. All commercial banks of Lithuania and most foreign bank branches operating in Lithuania participate in the system. Specific system participants are listed in the Official List of Systems.

All processes of LITAS-MMS are automated. This enables the processing of large amounts of information even during the most critical days (for example, before holidays), when the number of payments grows three times larger.

LITAS-MMS operates differently from LITAS-RLS. The latter processes payments individually (one after another) in real time, whereas LITAS-MMS performs multilateral clearing four times per day and calculates the net position of participants, which depends on the amounts sent and received by the participant. The settlement of a net position is performed in the system LITAS-RLS: the accounts at the Bank of Lithuania of participants with a net liability are debited and the accounts at the Bank of Lithuania of participants with a net claim are credited.

Comprehensive information about the operation of LITAS-MMS, management of the risks faced by the system and requirements for system participants is provided in LITAS-MMS Rules of Operation.