This year, following Lithuania’s accession to the Single Euro Payments Area (SEPA), there have been some changes in the bank clearing systems. Residents may have already noticed that some inter-bank payment times have changed as a result of this – now they are processed 5 times a day. Another important thing to know about the changes in the clearing system is that some inter-bank payments (i. e. payments between different banks) will not be processed on Good Friday before Easter.
After joining the SEPA, some of the banks in our country began executing their inter-bank payments via the Pan-European Automated Clearing House operated by the European Banking Association (EBA STEP2). Good Friday is a public holiday in most European countries and for this reason the European Banking Association’s clearing system will not operate on that day.
We would like to inform our customers that on the 25th of March this year inter-bank money transfers will not be processed. If you want to transfer money from one bank to another, you will have to make the payment no later than 24th of March, 4:00 pm. Otherwise the money will only be deposited to the account the following banking day after Easter, i. e. on the 29th of March (Tuesday). This applies to standing orders as well. It is important to note that this change will only affect your transactions if the money transfers take place between two different banks. However, if the money recipient’s and the sender’s accounts are within the same bank, the transfer will be processed the same day (including Good Friday).