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Instant payments launched in Romania by TRANSFOND, Banca Transilvania and CEC Bank

Comunicat de presa 2019-04-22
Instant payments launched in Romania by TRANSFOND, Banca Transilvania and CEC Bank

As of today, April 22, 2019, the Romanian financial and banking community can offer to its customers the Instant Payments service, which ensures the transfer of money in less than 10 seconds between banks. Such payment can be made at any time (24/7/365). The individual value of a payment made through Instant Payments should be of maximum RON 50,000. 


The first two credit institutions that have introduced this service are Banca Transilvania and CEC Bank, thus adding to the safe and fast payments portfolio, an innovative, instant and 24/7 available’ service. 


"We are glad to be one of the two banks that launch the Instant Payments in Romania, bringing customers a new experience in managing money. The customers will be able to transfer RON, in real time, to the banks from our country which implement this technology, including the off hours interval - that is, the second part of the day, the weekends or the holidays. They will be able to use the Instant Payments service via BT24 Internet Banking and Mobile Banking, as well as through the BT Pay application, free of charge for the first three months since its launch. We are glad we have the opportunity to announce today this novelty, which we have been preparing over the last year with the necessary applications development and testing. We would like to thank the TRANSFOND and CEC Bank teams for the step taken together, which changes the banking towards the digital direction. We wish good luck to all the banks that will join the Instant Payment System” declared Mr. Omer Tetik, Chief Executive Officer, Banca Transilvania. 


"By using Instant Payments, the CEC Bank customers, individuals and legal entities, will be able to make payments at any time, with full flexibility, comfort and safety. The service is available for payments in RON made at the bank's counter or through the CEC Bank Mobile Banking application, currently only to beneficiaries with accounts opened with Banca Transilvania. As other banks will join the new settlement system, the transactions will also be initiated to their customers” declared Mr. Laurentiu Mitrache, CEO - Chairman of CEC Bank Management Committee. 


The end-users (consumers, authorities, businesses, etc.) will be able to use the Instant Payments service as the banks with which they work (or other payment service providers) adhere to the interbank real-time retail payments infrastructure.


The service was developed by TRANSFOND, the operator of the Automated Clearing House for Interbank Payments, in collaboration with commercial banks, the Romanian Banking Association (National Payments System Administrator) and the National Bank of Romania (Payments System Supervisor). Instant payments are the fastest way to safely transfer funds, which are processed inter-bank by TRANSFOND, with the settlement finalized by the National Bank of Romania.


The Romanian Banking Association, based on the mandate granted by the National Bank of Romania and the license agreement signed with the European Payment Council, manages the implementation, operation and development of National Payment Schemes on the structure of European standards, including the Instant Payments Scheme for RON, which comes into operation today. 


The advantages of the service for individual consumers are generated by the possibility of INSTANT payments for goods and services purchased in the online or real environment, or the performance of INSTANT payments to relatives, suppliers or other recipients. Businesses of any size can initiate at any time urgent payments within the above-mentioned limit, allowing an uninterrupted business continuity, for example, either by partners who do not deliver their own services or products only after payment confirmation or even the collection of funds or any other emergency that requires one or more payments.  


For the economic operators that implement themselves or with the support of their banks the cash collection via the “Instant Payments” tool (traditional merchants, virtual stores, businesses of any other field), the advantages are given by the immediate receipt of the money in the account, as well , as an example, the opportunity to launch new loyalty / promotion programs for their own services and products, based on stimulating customers to pay through "Instant Payments."


“A series of banks are in the final preparation stage for their enrolment in the Instant Payment infrastructure streamlined according to their own strategies, as concerns the products offered to the customers, and the existing IT infrastructure of each bank connected to the central infrastructure. All banks are expected to join this service, making it accessible to all banking customers in Romania. In addition to the Instant Pay service, TRANSFOND is set to launch the AliasPay service, which will allow the initiation of payments via the mobile phone number instead of IBAN. Using AliasPay payment service customers are able to initiate or collect different amounts within the mentioned limit, either through Instant Payments or through traditional payment orders”- declared, Sabin Carantina, CEO TRANSFOND.