Premiere in Romania: instant euro collections through Banca Transilvania

PRESS RELEASE

26 September 2022

READING TIME: 2 MINUTE

Premiere in Romania: instant euro collections through Banca Transilvania

Banca Transilvania has launched instant euro collections, a free service through which individuals and legal entities receive, on the spot, the money from one of thethe banks in Europe, part of the TIPS settlement system (TARGET instant payment settlement). BT is the only bank in Romania that offers this facility to clients.

Clients of Transilvania Bank can track the receipt of funds through Neo and BT24.

"We take another step regarding instant bank transfers in Romania. Customers now have access to a service that means fast access to money received from a country in Europe. The adoption rate is already very good: since the first day of the service activation, almost 15% of BT clients' euro collections are instant. We thank the BNR for support and involvement, as the administrator of the TIPS payment system in Romania and for ensuring the connection mechanisms to European clearing systems”, declares Leontin Toderici, Deputy General Director Operations, Transilvania Bank.

Instant Payments were launched in Romania three years ago by Transfond, Banca Transilvania and CEC Bank, meaning the possibility to transfer lei, in real time and non-stop, to the other banks in Romania that have adhered to this system.

The developer of the IT solution for instant euro collections and payments at Banca Transilvania is Montran, leader in the payment systems market for the infrastructure of central and commercial banks, with 20 years of activity in Romania and 40 years worldwide. Over 100 commercial banks and about 60 national banks from 70 countries use payment systems implemented by this company.

Transilvania Bank is preparing the launch of Instant Payments in euros for next year.