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Finance & Economics

Bank of Lithuania’s payment system sets new records

Sep 03, 2020

The Bank of Lithuania runs a payment system called CENTROlink

CENTROlink

Bank of Lithuania’s payment system sets new records. Source: unsplash.com

According to the Bank of Lithuania, over the first 8 months of 2020, the number of payments made within its payment system CENTROlink exceeded the number reached throughout the course of 2019. A total of more than 70,000 instant payments are made daily through the CENTROlink infrastructure.

This year a new record was already set, which has been largely determined by the development and growth of electronic money and payment institution (EMI/PI) services within the fintech sector. By offering innovative services and advanced payment solutions, such financial institutions are strengthening their footing in payment markets. With customers of payment service providers increasingly opting for instant payments, the share of such enterprises and, consequently, the number of instant payments in the CENTROlink system, are steadily growing
Marius Jurgilas, Member of the Board of the Bank of Lithuania

Over the first 8 months of 2020, more than 50 million payments (compared to 43 million in 2019) were made within CENTROlink, with their value reaching €80 billion (in 2019 – €88 billion). CENTROlink services are used by more than 130 payment service providers established in 13 EU countries. The share of EMI/PI payments within CENTROlink currently exceeds 80% of all payments executed through the system, which is then followed by the share held by banks and credit unions.

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