Instant Payments Services
- The fastest and safest way o transfer money – the payments via Instant payments are interbank transfers processed by TRANSFOND, with the settlement ensured by the National Bank of Romania. TRANSFOND is the operator of Instant payments interbank infrastructure. This is the company that processes all non-card retail interbanking payments (below 50.000_lei) in Romania. In the Instant payments system, money is directly transferred from the debtor’s bank account to the beneficiary’s bank account, without passing through intermediate accounts. Instant Payments is a component of the Automated Clearing House – SENT.
- Your money will be safe the Instant Payments infrastructure belongs to the banks, thus guaranteeing the safety of your money, information enclosed to the payments and the entire system. The National Bank of Romania is the overseer of the system, according to all relevant legal provisions.
- You will become independent from the regular business hours and you are able to send or collect money anytime, as your bank will provide this 24/7 service.
- TRANSFOND prepared an additional service - AliasPay - which uses recipient's phone number or email address instead of IBAN in order to INSTANTLY purchase online or offline goods and services, to make INSTANT payments to friends or other recipients. You only need a simple mobile device (usually a phone) in order to INSTANTLY make payments to friends or other recipients. You could also instantly pay from any desktop or laptop, via your banks’ internet banking, as well as from the counter, all depending on your banks’ options to deliver the service to you. The service can be used both for Instant Payments as well as traditional payments processed through SENT. Starting end of 2019 the banks are invited to include AliasPay in the portfolio services to their clients.
- TRANSFOND developed and completed the technical application (October 2017), conducted the internal testing (November 2017 – February 2018), coordinated the testing with the banks (February 2018 – opening of the test medium for banks) and the commissioning of the service took place in the second semester of 2018, with the successful conclusion of the tests conducted by the banks. The first partners in offering the service were Banca Transilvania and CEC Bank. In the same year, 2019, Libra Internet Bank and BCR joined the instant payments infrastructure.
Entities involved in the Instant Payment System
Banks (payment services providers),
Payment schemes administrator – ARB,
Payment schemes supervisor – NBR.