The top five banks in Romania will start testing the instant payment system in February and six banks may offer this service by the end of next year, according to Bogdan Nastase, a project manager at Transfond, the technical operator of Romania’s Electronic Payment System (EPS).

“Instant payments mean transferring money in a few seconds from one account to another. It’s a system that can be easily used by the clients of the banks that will offer it on the market,” Nastase said, reports local Agepres.

The system will be available for payments in local currency, at first, and may be expanded to payments in euro at a later stage, depending on the client interest.

Transfond is in charge with processing all interbank transfers in local currency, as well as processing of euro payments, both at national and cross border level.

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