Transfond, a payment operator owned by Romania's National Bank (BNR) and local commercial banks, has developed the infrastructure needed to make payments over the phone possible in Romania.

The service, commercially available under the name AliasPay, allows users to send money based on only the phone number - provided the recipient has set a bank account (or an account of a payment service provider), Economica.net reported.

Local banks or the payment service providers must first adhere to the system developed by Transfond to offer this service to their clients. The banks' advantage consists of lower fees, safer transfers, and compatibility with the SEPA (Single Euro Payments Area) standards.

The service's security and availability level is similar to that provided by the Clearing House for interbank payments.

Transfond offers a response time to queries of less than 2 seconds.

Money transfer services such as Orange Money and Revolut already allow instant payments based on the phone number, without introducing the recipient's bank account number.

andrei@romania-insider.com

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