2 years with VIKSVA: project has already paid off, every year savings higher than planned
The two-year State Treasury Consolidated Account Management System (VIKSVA) allows the State to save around EUR 3.7 million per year, which is EUR 1.1 million more than initially estimated. It is also estimated that the amount saved per year is higher than the value of the creation of the system itself.
"Budgetary institutions are now moving from a few different banks to a single system VIKSVA. This reduces the administrative burden and costs of the institutions’ accounts and the costs of payment orders, while transfers in VIKSVA system between its participants are completely free of charge. Meanwhile, the State can use temporarily free funds, invest them and reduce short-term borrowing costs," Rasa Kavolytė, Director of the State Treasury Department at the Ministry of Finance, notes.
It is estimated that last year alone, using the accumulated temporary free state monetary resources, the amount of short-term borrowing was reduced and annual interest of about EUR 3.7 million was saved. The development of the system itself cost EUR 3.1 million, at that time it was estimated that due to reduced borrowing volumes and costs of the state, payment orders of budgetary institutions and account servicing costs, annual savings would amount to approximately EUR 2.6 million.
VIKSVA became operational on 1 June 2023 and is now used by the vast majority of budgetary institutions, public bodies and funds. In recent years, the number of accounts opened in the State treasury has increased by almost a thousand and currently exceeds 2,700, and they are managed by 398 institutions and funds. In 2025, they make an average of around 250,000 payments per month. Over two years, outgoing payments are estimated at EUR 27.3 billion (almost 4.4 million payments), and incoming payments – at EUR 19.5 billion (around 301,000 payments).
Almost all budgetary institutions have already connected to VIKSVA. In the next stages, VIKSVA will be developed to include institutions with specific needs and high payment volumes. For example, a significant number of payments are made by funds administered by the State Social Insurance Fund Board. As a result, these funds are expected to be transferred in the final phase, in 2027. A total of around 470 existing public budgetary institutions, public bodies and funds are expected to benefit from the new system. Municipalities and higher education institutions also have the possibility to keep funds in the State Treasury, but this is not an obligation.
All institutions connected to VIKSVA have the possibility to open settlement accounts that are used to process payments, initiate simple SEPA or instant payments (real-time settlement with suppliers, employees and other beneficiaries).
Additional integrations have also been introduced to enable Target2 payments (Target2 – real-time settlement system in euro), and an integrated gateway offers institutions with a particularly high volume of payment orders a simpler data exchange between VIKSVA and their accounting systems, i.e. without connecting to an electronic banking institution they can provide information on payment orders and receive information on the execution of payment orders.
Additional information:
- From November 2020 to December 2023, the State Treasury Department of the Ministry of Finance implemented project “The Establishment of the Consolidated Account Management System of the State Treasury” co-financed by the European Union Structural Funds with a value of EUR 3.1 million (of which EUR 2.178 million was used to implement the system).
- The Single Treasury Account principle is one of the most widely applied ways in the area of public finance management by advanced countries to increase the efficiency of the management of public monetary resources by consolidating the collection and disposal of public funds in a single system.
- This principle is applied by almost all the Member States of the Organisation for Economic Co-operation and Development (OECD) most advanced in the management of public finances in the world.
- In order to adopt good practices and adapt them to the management of public monetary resources, Lithuania has analysed the examples of the Treasury management of the European Union countries such as France and Sweden.
Last updated: 10-06-2025
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