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We have launched instant payments in BGN

We are all familiar with the conveniences that fintech companies like Revolut offer. These include instant money transfers, which give us the flexibility we need to pay within seconds. Now, this functionality is also available in the banking sector. On 22 November 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 plc. The service is now available to all our customers and what it allows them to do is send and receive up to £30,000 in just seconds to accounts at the other banks that are part of the scheme.  

 This service will be available permanently – 24 hours a day, 7 days a week, 365 days a year. It’s another step we’re taking as part of our digital transformation and another solution that makes our customers’ everyday banking needs easier. The benefits for both the end customer and merchants are numerous. For one, the consumer will be able to pay expenses such as rent, utility bills, online purchases, make a transfer to a friend or relative and a number of others in real time much more quickly and conveniently than before. On the other, merchants can instantly receive payments from customers, increasing their availability of finance. 

This advantage would also benefit all small and medium sized businesses, who 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 the necessary security and peace of mind to our customers when making money transfers. Now, in addition to this, we also add speed and flexibility more commonly found in the fintech sector. As a company focused on providing innovative solutions, we have once again proven our leadership position in instant payments 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 for euro transfers within the European Union and the European Economic Area. A year later, we are still the only bank in Bulgaria and we are moving forward by providing a similar service for money transfers in BGN through the NCPS Blink programme.  Both euro and leva instant payments will become part of our digital portfolio as well as an important part of the customer’s everyday banking needs. 

[quoteblock content=”With a lot of hard work and dedication from the entire tbi team, the Blink adventure started for us 5 months ago when we became the first fully equipped instant payments bank and we expected our colleagues from other banks to join in as well. We are delighted that having ensured that the entire instant money transfer process is smooth, safe and fast, we are now able to provide our customers with this service, which was previously only available with fintech companies, together with the team at Scheme and BORICA” author=”Elmaz Ismail” author_position=”Head of Payments” author_avatar=”https://tbibank.com/wp-content/uploads/2023/09/20221206-_N3A8522-800×1200.jpg” section_id=””][/quoteblock] [quoteblock content=”Providing instant payments to Bulgarian consumers is a huge step in the development of the entire banking sector in the country. We are delighted that the team at tbi bank have joined the scheme with such willingness and professional expertise and have been so quickly able to equip themselves technically to provide this service to their customers. Blink is here to provide the Bulgarians with a whole new level of speed, convenience and security in money transfers between different banks, which has been lacking on the Bulgarian market so far” author=”Miroslav Vichev” author_position=”CEO of BORICA” author_avatar=”” section_id=””][/quoteblock]

All our customers can take advantage of the instant payment service to banks that have joined the Blink scheme. Currently the process is done through our office network, but soon it will also be possible through our online channels. It is also expected that more banks will join the scheme in the coming months, expanding the options for customers. 

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