Money transfer will take a few seconds. Some banks are ready to launch immediate payments

The system is expected to kick off next February.

Illustrative stock photoIllustrative stock photo (Source: Unsplash)

Immediate bank payments will be launched on February 1, 2022 as all requirements were fulfilled on February 1, 2021, stated the National Bank of Slovakia (NBS), country's central bank.

Three biggest banks in Slovakia announced they will participate in the system from the day of its launch – Slovenská Sporiteľňa, VÚB and Tatra Banka.

Other banks may join it later.

“Immediate payment is a payment accessible to a bank client every day of the year, including weekends and holidays, and it is credited to an account of the payment recipient in 10 seconds,” said NBS spokesperson Peter Majer, as quoted by the TASR newswire.

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The system will provide several benefits to people, companies and state institutions, he added.

Card payments grow

Currently, the most frequently used cashless payment tools in Slovakia are payment cards and the Single Euro Payments Area (SEPA), with the number of transactions growing every year.

Card payments are especially growing thanks to the easy use of a contactless technology and the growing network of traders who accept them.

Currently, there are 2,272 providers of payment services from 22 European countries involved in the SEPA scheme for immediate payment, which is 56 percent of all payment services providers in the SEPA scheme.

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