On 5 July 2016, TEO LT, AB (hereinafter – “Teo” or “the Company”) joined the Memorandum of Understanding on the enhancement of the functionality of the Bank of Lithuania retail payment system (hereinafter – “Memorandum of Understanding”), prepared by the Bank of Lithuania and expressed its agreement to follow the provisions of this Memorandum of Understanding.
Memorandum of Understanding provides that aiming to improve the quality of payment services by shortening settlement time and to reduce the price of payment services to customers as well as ensuring efficient operation of the payment system, the Bank of Lithuania develops retail payment system SEPA-MMS, managed by the Bank of Lithuania, by enhancing its functionality with a new function – the possibility to execute payments among the accounts of the customers of the participants [payment service providers] (hereinafter – “Functionality of payments in customers’ accounts”).
By joining this Memorandum of Understanding, Teo Group expresses its intention to collaborate in creating and implementing the Functionality of payments in customers’ accounts. The Memorandum provides that the Bank of Lithuania will seek to complete all intended activities for creation of Functionality of payments in customers’ accounts as soon as possible but not later than 1 November 2017.
“Teo and Omnitel supports the initiative of the Bank of Lithuania to develop the market of retail payment services – it also creates an opportunity for organic development of telecommunications business. We believe that functionality of instant payments would perfectly complement our state-of-art communication and IT services. We are ready to cooperate with other market participants and to contribute our knowledge and experience in area of technologies in order to set up a convenient retail payment ecosystem for Lithuanian customers,” – says Mantas Goštautas, Head of Business Development at Teo and Omnitel.
Giedrė Kaminskaitė-Salters,
Head of Legal,
tel. +370 5 236 7715