Updated time: Mar 19, 2021, 10:38 (UTC+03:00)
DSBC Financial Europe has recently applied a new policy of Payment Order to comply with the Laws on Payments and Laws on Payment Institution of the Republic of Lithuania.
As a Payment Institution, DSBC Financial Europe can only accept funds to the client’s payment account if a payment order is also provided. This is in compliance with, The Laws on Payments of the Republic of Lithuania No. VIII-1370 Amendment of the Law on Payments 2018 April 17 No. XIII-1092, which states, “A Payment Order is an instruction by a payer or payee to his payment service provider to execute a payment transaction”. These payment orders must be executed within the time limit set in the Laws on Payments, which is on the following business day or the day agreed between the payment institution and payment service user. Moreover, payment institutions have a responsibility to ensure that any and all funds transferred by third parties to the client’s payment account are held no longer than necessary for making payments.
Therefore, according to the applicable laws of Lithuania, clients will not be able to hold funds in their payment account opened with a Payment Institution without a Payment Order. In order to comply with the laws, DSBC Financial Europe takes its responsibility to modify the requirements of submitting the Payment Order with every incoming fund or current available balance on the client’s account and ensure that client’s payment account is used for payment purpose only.
As of 17 March 2021, DSBC Financial Europe officially applies the Payment Order Policy which follows the Laws on Payments of Lithuania. Accordingly, first and foremost clients are required to fill in the Payment Order(s) for Available Balance before being able to make any outgoing transfer.
Secondly, every incoming payment as of 17 March 2021 must be associated with a Payment Order(s) within 2 business days prior to the funds being credited into the client’s account. Failure to submit the payment orders within this time frame, and any incorrectly submitted payment orders showing less than the amount of the inward remittance would lead to the return of incoming payments to the remitters accordingly.
For details, please refer to the Payment Order Guideline.
Please note that Payment Orders currently can only be created using DNBCnet Internet Banking platform. We will soon update this feature in our mobile banking app.
Kindly contact us via the hotline at + 370 5 240 5555 or send an email to [email protected] if you have any queries relating to the Payment Order Policy, we are always here to answer any of your questions.
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