Romania's top five banks to test instant payments systems from 2018

Romania’s top five banks to test instant payments systems from 2018

The five major banks in Romania will start testing the instant payments system from February 2018, Bogdan Nastase, project manager Transfond announced. Moreover, by the end of 2018 other six banks could offer the service on the market.

“Instant payments aims to transfer money 24/7 in a few seconds from an account to another. It’s a system that will be used very easy by the clients of the banks that will offer it on the market. The project is completed from the technical point of view, with the internal testing in February. Starting February 2018 banks can test the application. We expect that other six banks offer the service on the market by the end of 2018, ” said Nastase.

He explained that the implementation of the system depends very much on the banks’ capacity to allocate resources in that period and budgeting, because currently every bank plans the budget for 2018 and the project overlapped with other projects.

Moreover, Nastase said that the service will be offered initially in national currency and afterwards in euros if there are many banks that will want to pay in this currency.