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On Monday, April 22, 2019, CEC Bank and Banca Transilvania announced the introduction of the Instant Payments service for the first time in the Forum for Financial Services’ offer.

The service provides money transfer between banks in less than 10 seconds. Such payment may be made at any time (24/7/365). The individual value of a payment executed by Instant Payment Service is less than 50 thousand lei.

"By using the Instant Payment service, CEC Bank customers, individuals and businesses, will be able to make payments at any time, in terms of flexibility, comfort and safety. The service is available for payments in RON made at the bank's counter or through the CEC Bank Mobile Banking application, currently only to beneficiaries with accounts opened at Banca Transilvania. As other banks will join the new settlement scheme, the transactions will also be initiated to their clients, "said Mr. Laurentiu Mitrache, General Manager - Chairman of the Board of Directors of CEC Bank.

The service was developed by TRANSFOND, the operator of the Automatic Compensation Facility for Interbank Payments, in cooperation with commercial banks, the Romanian Banking Association (National Payments Scheme Administrator) and the National Bank of Romania (Payments Scheme Supervisor). Instant payments are the fastest way to safely transfer funds, which are interbanked by TRANSFOND, with the settlement finalized by the National Bank of Romania.

The event, organized by the Romanian Banking Association and TRANSFOND, was hosted by the Romanian Banking Institute and brought together representatives from the highest executive level in the financial-banking sector, specialists, media representatives.