Banca Transilvania and CEC Bank launch instant e-payment system

Romanian lenders Banca Transilvania and CEC Bank launched on April 22 the instant payment service, by which money transfers can be operated within 10 seconds, according to Romania-Insider.com.

Such quick transfers can be conducted only between the two banks for now, but other banks are expected to adhere to the system in the future. The service will be available 24/7, including during bank holidays, Agerpres reported.

The service was developed by Transfond clearing house, the Romanian Banks’ Association (ARB) and Romania’s National Bank (BNR).

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