Banca Transilvania in Romania launched instant payments in EUR for businesses, and last year, announced instant cashouts in EUR. Instant transfers in EUR mean access to money in about ten seconds. Businesses can make these payments through BT24 and NeoBT.
By including instant transfers in EUR in the offer, Banca Transilvania adheres to the European initiative whereby money transfers made the next day become transfers in ten seconds, contributing to a significant increase in cash flow and cost savings for businesses, especially for SMEs.
“We offer our customers the full range of instant transfers in EUR, available in the European Union, which means instant payments to over 500 banks in the EU. We are happy to be part of this community of banks that, by joining the TIPS settlement system, are transforming banking and payments in Europe. The more banks we connect, the more accessible these payments will be in Romania and Europe, to be even more competitive with the help of digitization. Instant payments practically release money from the processing flow – the so-called transit amounts – money that can be used more quickly for consumption or investments,” – declares Leontin Toderici, Deputy General Director of Operations at Banca Transilvania.
The service is available 24/7 with standard fees, similar to those for other payments in EUR in the SEPA zone. The maximum payment amount is EUR 10,000 per transaction.
Banca Transilvania is among the more than 500 banks with 13,000 units in the European Union (the SEPA zone) that have joined the TIPS settlement system (Target Instant Payment Settlement).
Source: the Bank`s press release dated October 16, 2023
