Three banks will offer instant payments next year

Money will be on the account of a receiver within seconds.

Illustrative stock photoIllustrative stock photo (Source: Sme)

Instant payments, which will allow the transfer of money from one bank account to another within seconds, will be implemented in Slovakia from February 1, 2022.

Three banks will offer this service – Slovenská Sporiteľňa, VÚB bank and Tatra bank.

“We believe that this novelty is worth the wait,” said Lukáš Havlík, PR specialist from Slovenská Sporiteľňa, as quoted by the TASR newswire. He added that their bank plans to implement payments from the very beginning of instant payments in Slovakia, so February 1 of next year.

Future in payments

VÚB bank plans to do the same. “When a client will send his/her money at any hour of any day, the receiver will receive it in a few seconds,” said Dominik Miša, PR manager of the bank, as quoted by TASR.

This will apply not only to Slovakia but also the 35 European countries that participate in SEPA instant payments.

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Tatra bank is the third Slovak bank that participated in the national plan for implementing instant payments from February 1.

“We believe that by implementing instant payments we will contribute to a better client experience in conducting payments and that such a service will be standard in the future,” PR manager of the bank, Nadežda Palušová, said for TASR.

More banks prepare

Other Slovak banks, such as ČSOB and 365.bank, are working on the implementation of instant payments as well.

The Slovak Banking Association claims that instant payments will ensure the immediate transfer of finance within ten seconds. The current maximum transaction limit for instant payments is €100,000. They will also make it possible to make a fast "emergency" payment. For businesses, these payments can reduce late payments and help speed up invoice payments.

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