Cash management in Latvia
Danske Bank acquired Sampo Bank of Finland, including subsidiaries in Estonia, Latvia, Lithuania and Russia, in 2007.

Sampo Banka offers services to corporate and institutional customers, including cash management, asset management, treasury and conventional retail banking products.

Payment and clearing systems
There are two main clearing systems in Latvia:

  • SAMS: the national RTGS system for high-value interbank transactions and clearing settlement between the Latvian banks
  • EKS: the national ACH system for low-value transactions
The EKS clearing format is a fully automated multilateral net settlement system based on the Bank of Latvia’s functional specification of EKS. It processes only corporate and retail payments in the form of credit transfers in electronic payment message files. The Bank of Latvia’s SAMS system processes messages using the SWIFT FIN Y-Copy mode, and the system is fully automated.

Payment instruments
  • Payment orders: Credit transfers are the dominant payment type. Payments from corporate customers are made mainly as electronic credit transfers
  • Direct debit, which is run by Itella, provides bill payments to utilities and other companies. An agreement should be made at the cooperating bank
  • Cheques: extremely limited use
  • Postal payment instruments
  • E-payment and E-invoice have been introduced in Latvia but have seen only limited use
Electronic banking E-Banka is Sampo Banka’s online business system in the Latvian language, and it will be available in English at the end of 2007. The system provides access to real-time updated account information and setting up payments.

Business Online is Danske Bank’s online business system. It provides rapid access to setting up payments, viewing account information and authorising several payments at the same time. All information in Business Online is updated continually, so you always have an up-to-date picture of your company’s cash position.

Further information
To learn more about how to optimise your domestic cash flows and manage liquidity and interest accrual, download a fact sheet (PDF 86 KB) on our cash management services in Finland or contact us.

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