Romanian lenders Banca Transilvania and CEC Bank launched on April 22 the instant payment service, by which money transfers can be operated within 10 seconds.

Such quick transfers can be conducted only between the two banks for now, but other banks are expected to adhere to the system in the future. The service will be available 24/7, including during bank holidays, local Agerpres reported.

The service was developed by Transfond clearing house, the Romanian Banks’ Association (ARB) and Romania's National Bank (BNR).

Eventually, all Romanian banks are expected to adhere to the system, Transfond general manager Sabin Carantina said. “Several banks are in the final stages of their preparation, they will install the infrastructure for Instant Payments according to their commercial strategies and the technical readiness,” he added.

editor@romania-insider.com

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