Immediate payments between banks arrive, the money transfer takes a few seconds

From February 1, 2022, immediate payments will start operating in Slovakia – thanks to them, clients of selected banks will be able to transfer funds from one account to another within a few seconds. At present, interbank transfers take at least a day.

Slovenská sporiteľňa It will be one of the banks that makes immediate payments to its clients from 1 February 2022 made available. Except for her it will be Tatra Bank a VÚB bank. Slovenská sporiteľňa draws attention to the early arrival of digital banking news in the press release.

According to her, the immediate transfer will cover up to three quarters of the payments. This is the number of standard payments that clients send to the savings bank internally and to the other two large banks mentioned above.

Slovenská sporiteľňa’s clients will receive this innovation automatically as part of the service package, they do not have to pay anything extra. Immediate payments can be sent via George or internet banking for Business24 companies. In order for the payment to go immediately, the service needs to be supported by the sender’s bank and the payee’s bank at the same time.

“The potential for immediate payments is huge, as in addition to banks in Slovakia, it will be possible to send or receive instant payments to any other bank in 36 countries, “Said Milan Hain, Member of the Board of Directors responsible for IT and Banking Operations of Slovenská sporiteľňa. “The service will be available 24 hours a day, 365 days a year, regardless of weekends or holidays. ” Hain said, among other things.

The savings bank considers instant payments to be a major technological innovation in payment. He reminds that they are already operating successfully in the world and since February 2022 they can also be used by people in Slovakia.

Immediate payments benefit both regular consumers and businesses. For example, colleagues can have a gift or lunch. One pays by card, the others send the money to his account within a few seconds. Just pull out your smartphone and open the banking application.

Illustrator. photo: Slovenská sporiteľňa

Fast payment of invoices and receivables will bring more efficient financial management to companies. It will reduce the need for external financing to cover the time mismatch between revenue and expenditure, and streamline e-commerce processes.

They will also be appreciated by small craftsmen who are not used to having a payment terminal. The client can sometimes pay hundreds of euros for their services. Immediate payments will be supported i Payme service available through chat applications. The members of the Slovak Banking Association are behind its development, they can do without registration and entering personal data.

To train instant payments later jump also other banks, such as ČSOB or 365.banka.

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