Premiere in Romania: instant receipts in euro through Banca Transilvania

Press release 2022-09-26
Premiere in Romania: instant receipts in euro through Banca Transilvania

Banca Transilvania has launched the instant receipts in euro, a free service due to which individuals and legal entities receive, on the spot, the money from one of the banks in Europe, part of the TIPS (TARGET instant payment settlement) settlement system. BT is the only bank in Romania that offers its clients this facility.

"We are taking another step in terms of instant bank transfers in Romania. Customers now have access to a service that means quick access to money received from a country in Europe. The adoption rate is already very good: from the first day after the activation of the service, almost 15% of BT customers' receipts in euros are instant. We thank the NBR for its support and involvement, as administrator of the TIPS payment system in Romania and which ensures the connection mechanisms to the European settlement systems", said Leontin Toderici, Deputy General Manager of Operations, Banca Transilvania.

Transilvania Bank's clients can follow the receipt of the money through Neo and BT24.

Instant payments were launched in Romania three years ago by Transfond, Banca Transilvania and CEC Bank, meaning the possibility to transfer lei, in real time and non-stop, to the other banks in Romania that joined this system.

The developer of the IT solution for instant receipts and payments in euro at Banca Transilvania is Montran, the market leader in payment systems for central and commercial banks' infrastructure, with 20 years of activity in Romania and 40 years worldwide. Over 100 commercial banks and about 60 national banks in 70 countries use payment systems implemented by this company.

Banca Transilvania is also preparing the launch of instant payments in euro.