Cross-border payment services, requirements for which are set out in Annex 1 "Technical specification" to the Tender Conditions

The Ministry of Finance of the Republic of Lithuania performs the functions of the State Treasury and seeks to establish a Common Treasury Single Account (TSA) system (hereinafter – VIKSVA) at the national level. A corresponding banking solution is being implemented that will allow FM to open accounts with state authorities and initiate (receive) payments. Currently, the FM has been assigned the code of the BIC and the financial institution, as well as actions are being carried out regarding becoming a participant in the respective payment schemes – SEPA SCT and SCT Inst – and joining the bank of Lithuania (hereinafter – LB) infrastructure. SEPA payments will be routed through centrolink, a euro payment system managed by the Bank of Lithuania.

To ensure the need for international payments, integrations are being developed that would enable the FM to execute international payments and payments in foreign currency by institutions. The scope of such services is provided, and the need for the system to realize them:

- execute cross-border payment transfers;

- credit international payment transfers;

- correct the details of the cross-border payment order and cancel the payment order if the money and/or notification of the transfer has not yet been sent to the beneficiary's financial institution;

- to conclude / execute currency purchase and sale transactions;

- to obtain other services which would enable the FM to ensure the proper execution of cross-border payments submitted by the institutions for execution from the accounts of the institutions, as well as funds, in accordance with such operations, to the accounts of the institution.

Detailed conditions are given in Annex 1 to the Tender Conditions entitled "Technical Specification"