Romanian Banks To Use Electronic Processing For Checks, Bills

Publish date: 10-10-2008
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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.


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