Published: 04.04.2015 Updated: 12.06.2024

The Electronic Clearing System is the payment system of Latvijas Banka, which ensures the processing of customer retail payments across the SEPA area (EU countries and Iceland, Liechtenstein, Norway, Switzerland, Monaco and San Marino). 

The Electronic Clearing System provides 2 services:

  • clearing service that performs net settlement and provides several clearing cycles for settlement on the EKS on a business days in euro.
  • instant payments service that provides continuous payments by executing each bank customer payment within seconds, 24 hours a day, 7 days a week, 365 days per year.

Upon starting to use the services of an EKS service, an EKS participant becomes the user of Proxy Registry "Instant Links".

The EKS system's instant payments service enables banks to provide instant payment services to their customers: an opportunity to transfer money from an account in one bank to an account in another bank within a matter of seconds on any day and at any time of the day, including on weekends and holidays.

In order to ensure the reach of the EKS participants and the possibility of sending and receiving payments in the SEPA area, the EKS system instant payment service makes instant payments exchange with the EBA Clearing system RT1 and TARGET Instant Payment Settlement (TIPS).

The EKS system's clearing service ensures that bank customers can send money from one bank to another bank on working days, receiving money within one day. Clearing service accepts, processes and settles payments in seven clearing cycles.

In order to ensure the possibility of sending and receiving payments in the SEPA area (EU countries as well as Iceland, Liechtenstein, Norway, Switzerland, Monaco and San Marino), the clearing service provides exchanging of the payments with the EBA Clearing System STEP2.

The settlement procedure for electronic clearing system EKS is stipulated by the System rules for participation in EKS and Functional specification of the EKS consisting of 2 parts (currently available in Latvian).

 

Updated on 22 April, 2024

  BIC Type of participation Clearing service Instant payments service Direct participant
AS BluOr Bank CBBRLV22 T ۷ ۷  
Akciju sabiedrība "Citadele banka" PARXLV22 T ۷ ۷  
AS "Citadele banka" Estonian branch PARXEE22 A ۷ ۷ PARXLV22
AS "Citadele banka" Lithuanian branch INDULT2X A   ۷ PARXLV22
VAS "Latvijas Pasts" LPNSLV21 A ۷   PARXLV22
AS "Industra Bank" MULTLV2X T ۷    
Latvijas Banka LACBLV2X T ۷ ۷  
AS Magnetiq Bank LAPBLV2X T ۷ ۷  
Transferra UN Limited TANFGB22 A ۷ ۷ LAPBLV2X
MULTIPASS PLATFORMS LIMITED DMPLGB22 A ۷ ۷  LAPBLV2X
PAYMENTZ LTD PAYZGB22 A ۷ ۷  LAPBLV2X
Luminor Bank AS RIKOLV2X
RIKOEE22
AGBLLT2X
T


۷
۷
۷
۷
۷
۷
 
AS "Reģionālā investīciju banka" RIBRLV22 T ۷ ۷  
AS "Rietumu Banka" RTMBLV2X T ۷  ۷  
DECTA LIMITED DCTTGB22 A ۷   RTMBLV2X
EPAYMENTS SYSTEMS LIMITED EPMTGB2L A ۷   RTMBLV2X
DZING FINANCE LTD DZNNGB22 A ۷   RTMBLV2X
GEMBA FINANCE LTD GEEIGB22 A ۷   RTMBLV2X
EMERALD FINANCIAL GROUP (UK) LTD EMFGGB22 A ۷   RTMBLV2X
XPATE LTD XPTTGB22 A ۷   RTMBLV2X
NOVATUM TECH LIMITED NOEHGB22 A ۷   RTMBLV2X
WISE WOLVES PAYMENT INSTITUTION LIMITED WWPICY2L A ۷   RTMBLV2X
RECARY LTD REAYGB22 A ۷   RTMBLV2X
MULTIPASS PLATFORMS LIMITED DYPYGB21 A ۷ ۷  RTMBLV2X
Signet Bank AS LLBBLV2X T ۷ ۷  
Valsts kase TRELLV22 T ۷  ۷  
T - direct participant
N - indirect participant
A - adressable BIC holder
All institutions accepts credit transfer and instant payment orders with Latvian diacritical marks.
* The link established by the instant payment service to RT1, an instant payment system managed by ABE Clearing S.A.S. à capital variable, and to TIPS (TARGET Instant Payment Settlement) ensures the reachability of the EKS participants using the services of the instant payment service, their indirect participants and addressable BIC holders throughout the SEPA area.

The EKS is the Bank of Latvia's net settlement system, which is used to process bulk retail payments and provide the settlement of net positions. The EKS is a SEPA-compliant system enabling its participants to send and receive euro payments within the SEPA area. The EKS has several clearing cycles per business day.

The description is informational. Participation and processing of payment orders are governed by the "System Rules for Participation in the EKS" and "Functional Specification of the EKS".

The following entities are eligible for direct participation in the EKS:

  • a credit institution incorporated in the European Economic Area (hereinafter, the EEA), including where it acts through a branch incorporated in the EEA;
  • a credit institution incorporated outside the EEA, provided that it acts through a branch incorporated in the EEA;
  • a national central bank of an EU Member State.

The Bank of Latvia may, at its discretion, also admit the following entities as direct participants:

  • a treasury department of a central or regional government of an EU Member State active in the money markets;
  • a public sector body of the EU Member States authorised to hold accounts for customers;
  • an investment firm incorporated in the EEA;
  • an entity managing ancillary systems and acting in the above capacity.

To join the EKS, an applicant participant shall act as follows:

  • adhere to the SEPA Credit Transfer Scheme developed by the European Payments Council;
  • become a TARGET2 participant;
  • send a letter to the Bank of Latvia applying for participation in the EKS;
  • receive the Bank of Latvia's decision about the rights to become a participant in the EKS where necessary;
  • conclude an agreement on the participation in the EKS with the Bank of Latvia;
  • submit static data collection forms of the EKS and TARGET2 and furnish a list of contact persons for the relevant tests;
  • submit an application for indirect participation in STEP2 and RPS SEPA Clearer whereby the applicant participant agrees to use the services of Deutsche Bundesbank, should it choose to receive all incoming SEPA payments in the EKS;
  • conclude an agreement "On Digital Signing" with the Bank of Latvia (except where such an agreement has already been concluded with respect to a participation in other Bank of Latvia's systems) and perform the registration of the involved users subject to the Bank of Latvia's instructions;
  • perform preliminary technical activities and tests in line with the Bank of Latvia's instructions;
  • conduct business continuity tests pursuant to the Bank of Latvia's instructions;
  • send a letter to the Bank of Latvia, specifying the tentative connection date;
  • submit static data collection forms and furnish a list of contact persons for the settlement environment;
  • receive a letter from the Bank of Latvia, specifying the date of launching the settlement in the EKS;
  • commence participation in the EKS.

Consultations

For more detailed information, please, contact the Payment Systems Department of the Bank of Latvia.

E-mail address: maks.sist@bank.lv