First in Romania: instant euro collections through Banca Transilvania

PRESS RELEASES

26 September 2022

READING TIME: 2 MINUTES

First in Romania: instant euro collections through Banca Transilvania

Banca Transilvania has launched instant euro incoming payments, a free service that allows individuals and companies to receive funds on the spot from banks in Europe that are part of the TIPS settlement system (TARGET Instant Payment Settlement). BT is the only bank in Romania to offer this capability to its customers.

Banca Transilvania customers can track receipt of funds via Neo and BT24.

"We are taking another step forward on instant bank transfers in Romania. Customers now have access to a service that gives them fast access to funds received from a country in Europe. Adoption is already very strong: from the very first day the service went live, almost 15% of BT customers’ euro receipts have been instant. We thank the National Bank of Romania for its support and involvement, as administrator of the TIPS payment system in Romania and for ensuring the mechanisms that connect to European settlement systems", says Leontin Toderici, Deputy CEO – Operations, Banca Transilvania.

Instant Payments were launched in Romania three years ago by Transfond, Banca Transilvania and CEC Bank, enabling real-time, around-the-clock transfers in lei to other banks in Romania that have joined this system.

The IT solution for instant euro incoming and outgoing payments at Banca Transilvania has been developed by Montran, a leader in payment systems for central and commercial bank infrastructures, with 20 years of activity in Romania and 40 years globally. More than 100 commercial banks and around 60 central banks in 70 countries use payment systems implemented by the company.

Banca Transilvania is preparing to launch Instant Payments in euro next year.