2012-03-06
The amendments to the Rules of Operation of the Payment System LITAS-RSL and of the Retail Payment System LITAS-MMS approved by the Board of the Bank of Lithuania today allow credit unions to become participants in the systems. This provides conditions for their more active operation and competition in the payments markets.
The Rules of Operation of the Payment System LITAS-RSL and the Rules of Operation of the Retail Payment System LITAS-MMS have been brought in line with the amended Law on Settlement Finality in Payment and Securities Systems. The moments of entry of payment orders into the system LITAS-MMS and those of irrevocability, and the list of participants have been revised. A responsibility has been imposed on participants in the payment systems to monitor payment orders of their own and those submitted to them by other participants, as well as the results of their processing.
The Bank of Lithuania manages and operates two payment systems for settlement in litas: the real-time gross settlement system LITAS-RLS and the retail payment system LITAS-MMS. Participants in these systems are the Bank of Lithuania, domestic commercial banks, foreign bank branches and the Lithuanian Central Credit Union. These systems are also available to financial brokerage companies and AB Central Securities Depository of Lithuania.