”Currently, the market share by assets of participants in the service (Banca Transilvania, CEC Bank, Libra Internet Bank and Banca Comerciala Romana) accounts for 40% of total banking system, which is a very good percentage, considering the adoption, strictly on a commercial basis, of a powerfully innovative service on a market relatively poorly bankarized and, therefore, pretty shallow. We are confident the market coverage of Instant Payments will continue to see major growth, given the utility of the service proved these days and the fact that its administration within the bank, upon implementation, entails a reduced operational effort compared with traditional payments”, said Sabin Carantina, general manager of TRANSFOND.
For users to benefit from Instant payments, the service must be provided by the bank of the person who initiates the payment and by the beneficiary of the payment. Since April 22, 2019, the service has been commissioned by Banca Transilvania and CEC Bank, and, subsequently, Libra Internet Bank and BCR decided to join this service.