ATMs are being prepared for the transition to euro

Published: 12 March 2014 y., Wednesday

According to the Bank of Lithuania, there are 1,361 automated teller machines (ATMs) in Lithuania. Draft Law on the Introduction of Euro in Lithuania provides that, as of the first day of the introduction of euro in our country, ATMs will not issue litas. Therefore, all the commercial banks in the country are required to fully prepare the ATM network infrastructure for the issuance of euro banknotes and to ensure that the machines are filled with euros.

According to Tomas Bublys, Technical Director of a company that provides hardware and develops specialized software solutions for the banking and retail sectors “Penkių kontinentų bankinės technologijos” (BS/2), the process of preparing for the introduction of euro in the financial services market began much earlier than the issue was first addressed publicly. “Software vendors and their customers, i.e. banks and retail businesses, though about the changes that are to be faced upon the introduction of euro in Lithuania in advance; therefore, they started adapting the systems for the operations with euros several years ago”, says T. Bublys.

According to the representative of BS/2, comprehensive update of ATMs usually takes about nine months. However, update operations of different machines require different amounts of time. This depends on the type of machine and software installed in it. ATMs that accept cash require more time. In this case, it is necessary to both update the software and provide for additional technical components. By the way, highly sophisticated machines can be reconfigured remotely.

The company BS/2 was actively involved in the procedures of the transition to euro in neighbouring countries, i.e. Estonia and Latvia; therefore, it is well aware of changes and operations to be faced in Lithuania in the near future. “As Estonia and Latvia made a transition to euro, all ATMs maintained by us began smoothly issuing euro banknotes within the first 30 minutes. Moreover, Latvia has become the third country in the eurozone, whose ATMs issue euro banknotes with the smallest denomination, i.e. 5 euros. This also required specific adjustment of the ATMs”, says T. Bublys.

To ensure successful issuance of euro banknotes, ATMs in Latvia were on a system maintenance break for about one hour on the night from December 31st to January 1st. The first euro banknote was collected from an ATM by the former Prime Minister of Latvia Valdis Dombrovskis. Moreover, some ATMs that accept cash were accepting lats for additional two weeks after the New Year’s Eve. We will see how the Lithuanian banks will behave after the introduction of euro following the final decision of the European Council of the Economics and Finance Ministers (ECOFIN) on the admission of Lithuania to the eurozone.

Copying, publishing, announcing any information from the portal without written permission of editorial office is prohibited.

Facebook Comments

New comment




Vilnius residents are spending more in cafes and restaurants, and tips are increasing too

By the end of the first quarter of this year, nearly 1,000 waiters and bartenders in the country have joined the new Lithuanian digital solution for tips. more »

Penki kontinentai Group implements a new non-standard payment solution in Georgia

BS/2 Georgia and ASHBURN International, together with TBC Bank, one of the largest banks in Sakartvelo, have developed a new non-standard payment solution for the coffee capsule manufacturer Meama. more »

The Georgian Market Is Increasingly Interested in Lithuanian POS Terminal Management Solutions

One more Georgian bank is now using TransLink.iQ, ASHBURN International's software solution for card readers. more »

The history of the Penki kontinentai group of companies - in the authoritative Newsweek magazine

One of the oldest American media outlets wrote about the achievements of Penki Kontinentai Group. more »

Georgian Banks Implement New Payment Terminal Options

In collaboration with the Georgian bank TBC Bank, ASHBURN International developed and deployed on POS terminals the feature of payment for products and services without cash or bank cards. more »

BS/2 partner Diebold Nixdorf has received two Global Banking & Finance Review awards 2022

The company received the Next 100 Global Awards 2022 — Technology Solutions Provider award. more »

The VI International Banking Forum Results

BS/2 (Penki kontinentai Group) was a premium sponsor of the event. more »

BS/2 is the General Sponsor of the International Banking Forum

The banking industry professionals from Eastern Europe and Central Asia met in Almaty on October 26 and 27, 2022. more »

Tipping via POS-terminal is an innovation in the Lithuanian service market

“My tips” is a new service option in the Lithuanian restaurants. more »