OREANDA-NEWS. March 18, 2010. Following the Law on Payments of the Republic of Lithuania, AB Ukio bankas General Rules of Client Service and Provision of Service came into effect, specifying that received funds from local and international transfers are credited only according to IBAN format beneficiary’s account number and other data provided by the beneficiary in the payment instruction are not additionally verified. That will ensure more automated crediting process and crediting of the major part of payments will be effected 1-2 hours faster than previously, reported the press-centre of Ukio bankas.

Fund payers while performing a local or international transfer to AB Ukio bankas client shall necessarily indicate the exact beneficiary’s account number (IBAN) at AB Ukio bankas (consisting of letters LT and 18 characters). If the payment service does not intend funds crediting to the beneficiary’s account, unique identifier, that has to be provided in the payment instruction is specified next to the separate service provision terms or in the single payment agreement.

Ukio bankas draws the clients’ attention that providing their account details and sending funds to the beneficiaries it is important to make sure that the specified beneficiary’s account (IBAN) is correct. Return of funds credited according to the account (IBAN) is possible only with the beneficiary’s i.e. the owner’s of the account, consent.