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, this functionality is already available in the banking sector, starting with the leader in instant payments in Bulgaria – TBI Bank. On November 22 at 10:14:13 a customer of the bank successfully made the first instant payment through the Blink programme of The national card and payment scheme (NCPS), part of BORICA.
The solution allows all TBI 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 another step that the bank is taking as part of its 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 more conveniently than before. On the other hand, merchants can instantly receive 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 highly regulated institutions, banks provide us with the necessary security and peace of mind when making money transfers. Now, in addition to this, we will have the speed and flexibility found more in the fintech sector. As a company with a focus on providing innovative solutions, TBI has once again proven itself as a leader in instant payments in Bulgaria. The move follows last year’s, when they 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, TBI is still the only bank in Bulgaria and continues to move forward by providing a similar service in BGN through Blink 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 announced that we are the first fully equipped bank for instant payments and we expected our colleagues from other banks to join,” said Elmaz Ismail, Head Payments Department at TBI Bank. “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 by 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 TBI Bank customers can use the instant payment service to banks that have joined the Blink scheme. Currently, the process is carried out through the bank’s office network, but TBI says that as soon as possible this will be possible through their online channels. It is also expected that in the coming months more banks will join the scheme, expanding opportunities for customers.