An interruption in the payment market: between banks it is possible to transfer a maximum of 15,000 euros in an instant



From 4 September this year SEB banka will immediately accept payments and its launch in SEB banka is possible later.

Swedbank plans to launch this service in the pilot version of Swedbank SmartPlayer in the fall and a little later in internet banking.

The customers of SEB banka can use the instant payment service in euros, which are transferred from other banks in the European Union or the countries of the European Economic Area. With direct payments you can transfer money around the clock between different bank accounts, including weekends and holidays.

"Up to now, payments have been made directly by transferring money to an account with the same bank, and between SEPAs it usually takes a few hours and only on working days.In case of direct transfers, you do not have to wait for a couple of hours, as usual, with ordinary transfers, to save the money of a person or company in less than 10 seconds, "says Vaidas Žagūnis, member of the board of directors of SEB Bank, Retail Banking. Such payments can be made both through the bank's mobile gadget and via internet banking.

Direct payments are available to SEB bank customers if the direct payment service is offered by the sender's bank. In an instant it is possible to transfer up to 15,000 Eur – if the amount is higher, the current rules are valid at the moment. SEB Bank intends to offer the possibility to make direct payments to accounts of other clients of customers as soon as the test phase is complete.

Immediate payments cost as much as paying for simple euro payments in the SEPA area. These payments are free for customers with SEB bank service plans when making an online transfer. Plan "Standard" users can make 10 free transfers per month. Those with a business plan also receive a certain number of free payments. SEPA credit transfer on the internet costs EUR 0.41 per day without having a service plan or exceeding the amount of free payments from the plan.

The tax is paid by the person making the payment (the sender) and the settlement of the direct payment to the beneficiary is free (as in the case of SEPA).

Competition is increasing

Direct payments between banks in the euro area became possible by the end of the year, with the creation of the necessary infrastructure: the Instant Payment Clearing System RT1, managed by the European Banking Association. Banks that want to initiate direct payments must be registered with this system. The direct payment service is currently being offered by SEB banka in Latvia and Estonia, one of the first banks in the euro area to join the direct payments system.

A week ago, mobile operators entered the payment market. MoQ, a mobile payment platform developed by Bitė Lietuva, Tele2 and Telia Lietuva, enables consumers to pay for goods and services via telephone and 24-hour orders. MoQ beta can be downloaded for free from Google Play or AppStore gadget stores. Up to now, the widget can be redeemed in many online stores, cafes and restaurants. Negotiations are underway with large supermarkets.

At this time, iPhone users can pay for their QR code, QR code, the full name of the quick response code, is a two-dimensional bar code), while Androind users, who are more than 70% in Lithuania, are more comfortable with the NFC connection. NFC is a wireless technology that allows you to quickly connect at a short distance between your electronic devices.

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