Several banks in Romania are testing the instant payment system, which would allow money transfers in just 10 seconds from one account to another and from one bank to another, at any time of day.

This facility may be available for clients starting fall, according to Rodica Tuchila, executive director of the Romanian Banks Association – ARB, local Profit.ro reported.

Instant payments allow clients to move their money faster from one bank to another, which is useful in making emergency payments and paying the employees’ salaries. Companies will even be able to pay their employees’ salaries during the weekend.

The limit for instant payments will be EUR 15,000 or RON 50,000. Banks need to upgrade their infrastructure to join this system.

editor@romania-insider.com