We gave the start to the instant payments in BGN
26.11.2021 Share +
We are all familiar with the convenience that fintech companies like Revolut offer. Among them are instant money transfers, which give us the necessary flexibility to be able to pay within seconds. Now, thanks to our passionate TBI team, this functionality is available in the banking sector as well. On November 22 at 10:14:13 our customer successfully made the first instant payment through the Blink programme of The national card and payment scheme (NCPS), part of BORICA.
The service allows our customers to send and receive up to BGN 30,000 in just seconds to accounts in other banks that are part of the scheme. This service will be available 24 hours a day, 7 days a week, 365 days a year. This is a step we are taking as part of our digital transformation and another solution that makes the daily banking needs of customers easier.
The advantages for both the end customer and the merchants are numerous. On the one hand, the user will be able to pay in real time expenses such as rent, household bills, online purchases, make a transfer to a friend or relative and many others much faster and convenient than before. On the other hand, merchants can instantly receive their money from customers, increasing their availability of finances. This advantage would also benefit all small and medium-sized businesses, which often have to cover upfront costs for materials as they will receive the amount from their customer instantly.
As a highly regulated institution, we provide our customers with the necessary security and peace of mind when making money transfers. Now, in addition to this, we are adding the speed and flexibility found more in the fintech sector. As a company with a focus on providing innovative solutions, once again we have proven ourselves as a leader in the instant payments segment in Bulgaria. The move follows last year's when we became the first and only bank in Southeast Europe to join SEPA Instant, an instant payment scheme within the European Union and the European Economic Area for money transfers in euro. A year later, we are still the only bank in Bulgaria and continue to provide a similar service for money transfers in BGN through the Blink program of NCPS. Both euro and BGN instant payments will become part of our digital portfolio, as well as an important part of the client's daily banking needs.
"With a lot of hard work and dedication from the whole TBI team, the Blink adventure for us started 5 months ago, when we became the first fully equipped bank for instant payments and we were expecting our colleagues from other banks to join," said Elmaz Ismail, our Payments Brainiac. "We are glad that after making sure that the whole process of instant money transfers is smooth, safe and fast, now together with BORICA we can provide our customers with this service, which until now was available only at fintech companies."
"Providing instant payments for Bulgarian consumers is a huge step in the development of the entire banking sector in the country. We are glad that the team of TBI Bank joined the scheme with such desire and professional expertise and so quickly managed to equip itself technically to be able to provide this service to its customers. Blink is here to provide Bulgarians with a whole new level of speed, convenience and security in money transfers between different banks, which was previously lacking on the Bulgarian market, "added Miroslav Vichev, CEO of Borika.
All of our customers can enjoy sending and receiving instant payments to banks that have joined the Blink scheme. Currently, the process is carried out through our office network, but we assure you that as soon as possible this will be available through our online channels as well. It is also expected that in the coming months more banks will join the scheme, expanding the opportunities for our customers.