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Sunday 18.03.2018 | Name days: Ilona, Adelīna

Instant payment infrastructure comes online in Europe

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn Tuesday, 21 November, instant payment infrastructure will be introduced across Europe. On top of that, European banks’ founded EBA Clearing will also introduce its RT1 instant payment system. The European-level solution has also been coordinated with the instant payment processing infrastructure prepared by the Bank of Latvia in August 2017, as reported by the bank.

This means instant payments are available for clients of Citadele Bank and clients of European banks that are part of RT1 system (ABN AMRO, Bankia, Erste, Intesa Sanpaolo, Raiffeisen, SEB, Unicredit bank group).

«This is a major step forward in the introduction of instant payments in all of Europe. It presents a great deal of innovation, because until recently a long period of time was needed to process payments between Eurozone member states. In addition, it was not possible to process payments on weekends and holidays. Now, however, payments between Germany and Latvia will be processed within seconds,» says Bank of Latvia board member Harijs Ozols.

«Today instant payments are made available in all of Europe and soon they will be made possible for transactions between two of Latvia’s most important commercial banks – Citadele Bank and SEB Bank. Clients will no longer have to wait for hours to receive their money,» Ozols continues.

Citadele Bank board member Kaspars Cikmačs: «Instant payments will be available for Citadele clients from 21 November onward. Payments will be processed for many banks in Europe and SEB Bank in Latvia. Initially, instant payments will be available for transactions below EUR 30. It is planned to gradually increase this amount to EUR 15,000, which is the maximum for instant payments. Instant payments will be automatically applied for Citadele clients – both for internet banking transactions and mobile application. The commission fee for instant payments will be the same as it is for regular payments.»

SEB Bank board member Arnis Škapars notes that approximately 60% of payments performed by the bank’s clients are internal payments.

«According to our predictions, more than 98% of payments will be completed immediately once Latvia’s largest banks join the instant payment system. We are among the banks that will offer their clients the ability to transfer money instantly to other banks in Europe. Starting from today, SEB Bank clients in Latvia and Estonia will be able to use instant payment processing system. Initially we plan to allow instant payments for SEB Clients using internet banking services and mobile application. Shortly after, however, we plan to make this system accessible for other electronic channels,» explains Škapars.

Once infrastructure and functionality tests are complete, this service will be made available for Swedbank clients at the beginning of 2018.


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