EU – Baltic States, Financial Services, Forum, Lithuania, Markets and Companies

"This will significantly affect part of domestic businesses, especially those carrying out payments in packages or using direct debit services, hence we are aiming to primarily inform them on the future changes in electronic settlement. Economic entities not prepared to apply SEPA requirements risk facing payment hindrances – which may hinder settlement with their business partners, tax administrators and employees," notes Marius Jurgilas, chairman of the SEPA Coordination Committee of Lithuania.

Once credit transfer and direct debit services have been standardised, it will be easier for businesses to replace their payment service provider, and there will be more opportunities to select an own payment service provider in another country applying SEPA requirements as well. In addition, the quality of payment services and their competitive prices will be ensured.

Bank representatives at the Forum are introducing businesses to the new services to be offered as from the next year to replace their current direct debit – SEPA direct debit and e-account. Businesses are also being introduced to the preparations for the use of SEPA credit transfers, the Bank of Lithuania said.

"It is important that businesses will have the possibility of choosing which payment services to use and the market itself will show which of the service alternatives being offered will become more popular. We want to encourage businesses to already now begin contacting foreign and domestic payment service providers in order to select the most suitable payment services in line with SEPA requirements," says Jurgilas.

It is projected to organise more events this year to provide businesses with useful information on the preparation for the use of SEPA payment instruments.