LITAS-MMS is a payment system operating since 29 January 2007. It is maintained and operated by the Bank of Lithuania.
Since 1 January 2015, when changes in the system were made, retail payments in euro are being executed in the system.
Retail payments — credit transfers and direct debits initiated by the customers of credit institutions. These transfers may also be large-value payments, since the value of a payment is not limited in the system LITAS-MMS. In the system, designated payment orders and fast payment orders of the system’s participants are processed and the clearing of submitted payment orders is performed.
At the end of the day the clearing results are reimbursed in participants’ accounts in TARGET2.
The Bank of Lithuania, Lithuanian commercial banks and foreign bank branches, operating in Lithuania, participate in the system. Specific participants are indicated in Official List of systems and their participants.
The system LITAS-MMS operates every day, with the exception of holidays set out in the legal acts of the Republic of Lithuania, and accepts payment orders from 7:45 to 17:00 (direct debits — by16:00). LITAS-MMS payment order processing cycles are performed every hour from 9:00 to 17:00. From 8:00 to 16:40 periodical optimisation procedures are carried out every 20 minutes.
During each processing cycle designated payment orders are processed and the net positions package of payment orders is composed. According to the payment orders included in the net positions package the clearing of participants claims and liabilities is performed.
The clearing of fast payment orders is carried out immediately during the optimisation procedure. When fulfilling the clearing of fast payment order participants claims and liabilities are adjusted so the participant has only one net claim or one net liability after the clearing.
All LITAS-MMS processes are automated. This enables the processing of large amounts of information even during the most critical days (for example, before holidays), when the number of payments grows three times larger.
Detailed information about LITAS-MMS operation, risks management in the system and system requirements for the participants is presented in the Rules of Operation of LITAS-MMS.