Slovenias instant payment system to go live by the end of 2019

Tuesday 3 September 2019 13:10 CET | News

Slovenia`s national system for instant peer-to-peer money transfers will go live by the end of 2019 or early 2020.

According to Invest Slovenia, most of the banks have already developed mobile apps for the purpose.

The system, called Flik, is being developed by Slovenian banks in cooperation with the national payment processor Bankart, based on its exiting Bips IP infrastructure. Transfers will be processed within seconds, 24/7. The system involves all 15 Slovenian commercial banks and savings banks, which own it.

Currently, various technical solutions are being tested with the plan that 13 out of the 15 banks launch the Flik system at the end of 2019 or at the beginning of 2020.

Moreover, 11 of the 15 banks have decided to develop a special app, while the remaining banks will include the new feature in their existing mobile bank or digital wallet solutions.

The app will be accessed by the PIN code or fingerprint or some other biometric code allowed by smartphones, with transactions conducted using contacts in the phone. The system is fully compliant with the EUs GDPR and will initially allow transfers of up to EUR 15,000 between the accounts of physical persons, the banks aiming to expand the system to in-store payments as early as 2020.

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Keywords: Slovenia, instant payments, bank, peer-to-peer money transfers
Countries: World