Banca Transilvania, CEC Bank launch instant payments system

Thursday 25 April 2019 08:57 CET | News

Banca Transilvania and CEC Bank have launched an instant payments service through which money transfers can be operated within 10 seconds.

Currently, money transfers can be conducted only between the two banks, with other banks being expected to adhere to the system in the future. The service will be available 24/7, including during bank holidays.

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

Eventually, all Romanian banks are expected to adhere to the system.

Earlier in March 2019, Banca Transilvania has launched an open banking platform that allows fintechs to test integration with bank services.

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Keywords: Banca Transilvania, CEC Bank, Romania, bank, instant payments
Countries: World