OREANDA-NEWS. June 09, 2009. The European Central Bank and 16 national central banks of the euro zone have drawn up a document laying down expectations regarding the implementation of SEPA (single euro payment area).

SEPA means a single euro payment area where all retail payments in non-cash euros are treated as local payments irrespective of the location of the payer and payee. Presently SEPA covers all European Union Member States, as well as Norway, Iceland, Lichtenstein and Switzerland. Private customers, companies and other economic entities may send and receive domestic and cross-border euro payments under the same conditions, rights and obligations.

Expectations and recommendations laid down in this joint document will help payment service providers (banks and payment agencies) to cooperate with service users, and clients – to figure out SEPA peculiarities and benefits and to measure what they can expect from their service provider.

Lithuania, like other European Union Member States, launched SEPA credit transfers at the start of 2008.

Ukio bankas plans to launch a service of accepting SEPA credit transfers in autumn. In 2010, Ukio bankas will also offer its clients the possibility of initiating SEPA credits transfers.