- Expand the innovative services portfolio, of real value, in the increasingly fierce competition with fintechs and telcos within the payment services market;
- Customer loyalty by providing services based on safety, speed, ease of use; customer retention;
- The bank has the possibility to expand its offer with a modern service which can be an additional source of income;
- Strengthening the bank’s image by the offering a high-technology service, aligned with European and international trend;
- The ability to create new products based on the Instant payments system (quick loans etc.);
- Reduce the costs of processing other types of payments considering their migration to Instant payments;
- Barrier against competitors attacks in the payments area;
- Positioning and differentiation element;
- Cost reduction by decreasing cash on the market due to conversion into electronic of certain cash transactions.
The Instant payments system provides for banks:
Payment execution confirmation, namely the crediting of the recipient customer account.
Electronic archiving of processed transactions in order to for the participant to subsequently find them, but also by the personnel of TRANSFOND.
Operational security monitoring of the participants, for example all connections to the system, the transactions performed in the application, the system changes related to access control.
How to become a participant in the Instant payments system, as a bank/payment services provider?
As a bank/payment services provider, participation in SENT– the Instant payments component is conditioned by:
Complying with the SENT system rules (within which the Instant payments component operates)
Enrollment of participants in the RBA SctInst-Ron Registry
Eligible instutions:
The following categories of institutions may participate in SENT system:
Credit institutions;
Electronic currency issuing institutions;
Giro mail services suppliers;
Payment institutions;
The National Bank of Romania;
State Treasury;
The European Central Bank and the national central banks (others than the National Bank of Romania) when they do not act as monetary authorities or in other capacity which involves the exercise of public authority;
Member States and their regional or local authorities, when they do not act in their capacity of public authorities;
Credit institutions from the Republic of Moldavia
Partner CSMs.
The eligible instutions to participate in SENT aforementioned under letters a), b), c) and d) are Romanian legal entities or branches established on the Romanian territory by foreign legal entities in the European Economic Area, notified to the NBR by the competent authority of the member state of origin.
The Rules which apply toInstant Payments, component of SENT - the Automated Clearing House Rules
- Expand the innovative services portfolio, of real value, in the increasingly fierce competition with fintechs and telcos within the payment services market;
- Customer loyalty by providing services based on safety, speed, ease of use; customer retention;
- The bank has the possibility to expand its offer with a modern service which can be an additional source of income;
- Strengthening the bank’s image by the offering a high-technology service, aligned with European and international trend;
- The ability to create new products based on the Instant payments system (quick loans etc.);
- Reduce the costs of processing other types of payments considering their migration to Instant payments;
- Barrier against competitors attacks in the payments area;
- Positioning and differentiation element;
- Cost reduction by decreasing cash on the market due to conversion into electronic of certain cash transactions.
The Instant payments system provides for banks:
Payment execution confirmation, namely the crediting of the recipient customer account.
Electronic archiving of processed transactions in order to for the participant to subsequently find them, but also by the personnel of TRANSFOND.
Operational security monitoring of the participants, for example all connections to the system, the transactions performed in the application, the system changes related to access control.
How to become a participant in the Instant payments system, as a bank/payment services provider?
As a bank/payment services provider, participation in SENT– the Instant payments component is conditioned by:
Complying with the SENT system rules (within which the Instant payments component operates)
Enrollment of participants in the RBA SctInst-Ron Registry
Eligible instutions:
The following categories of institutions may participate in SENT system:
Credit institutions;
Electronic currency issuing institutions;
Giro mail services suppliers;
Payment institutions;
The National Bank of Romania;
State Treasury;
The European Central Bank and the national central banks (others than the National Bank of Romania) when they do not act as monetary authorities or in other capacity which involves the exercise of public authority;
Member States and their regional or local authorities, when they do not act in their capacity of public authorities;
Credit institutions from the Republic of Moldavia
Partner CSMs.
The eligible instutions to participate in SENT aforementioned under letters a), b), c) and d) are Romanian legal entities or branches established on the Romanian territory by foreign legal entities in the European Economic Area, notified to the NBR by the competent authority of the member state of origin.
The Rules which apply toInstant Payments, component of SENT - the Automated Clearing House Rules
