23 April 2009
On 19 February 2009 with Resolution Nr. 901/2 the Executive Board of the Bank of Latvia supported the "Concept on Electronic Clearing System elaboration into the SEPA compliant infrastructure".
The Electronic Clearing System (EKS) is a net settlement system of the Bank of Latvia, which ensures handling and settlement of customer payments in lats and euro. The EKS is the largest customer payment system in Latvia, which provides fast, efficient and low-price settlement.
The aim of SEPA
is to give an opportunity for customers to make and receive payments in euro from a single account under the same conditions irrespective from the geographical location in Europe. The payment and settlement systems (infrastructure) play significant role regarding achievement of this aim. The purpose of elaboration of the EKS into the SEPA compliant infrastructure is to ensure in upcoming future the EKS operational compliance with criteria stated by the European Commission, Eurosystem and European Payments Council. The criteria cover certain payment handling, infrastructure interoperability and reachability and payment making and receiving principles, as well as open and faire (reliable) market access principles.
Both the Association of Latvian Commercial Banks and State Treasury as the main system participants accepted the Bank of Latvia's concept. It is planned until 12 November 2010 to ensure the EKS euro payments compliance with the SEPA requirements.