Romanian Banks To Use Electronic Processing For Checks, Bills

The central system for the automatic discount of debit instruments, namely checks and bills, will become functional Friday, while the transaction fee is over 50% lower than the paper system, Transfond announced.

"Thus, if so far the costs for a payment with a debit instrument reached 2.2 lei (EUR1 = RON3.8249), namely RON1.1 for each party involved, electronic processing can make it possible to solely tax the beneficiary with RON1," said a press release issued by the Company for Fund Transfers and Discounts, Transfond.
 
Thus the inter-banking payment system becomes fully automated.
 
"The PAID project was initiated at the end of 2007, at the request of the banking community in Romania, and it resulted in a new SENT application capable of processing debit instruments in electronic format as well," said the press release issued by Transfond.

Mediafax