MINSK, 2 January (BelTA) – An instant payments service was test launched in Belarus on 1 January. The service will be available for commercial operation starting from 1 July, BelTA has learned from the Information and Public Relations Department of the National Bank.
This system will enable clients of Belarusian banks to pay for goods, works and services and to transfer money to the budget in Belarusian rubles in real time. The service will be available 24/7.
In order to make instant transactions possible, banks will have to make sure customers have sufficient funds on their accounts and that incoming payments meet the necessary control criteria. Banks will also have to reserve enough money on their corresponding accounts to ensure that the service will run smoothly during the night and on weekends and public holidays.
Participation in the instant payments service will be voluntary for banks. Specific terms and conditions of using the service will be spelled out in an agreement between a bank and a customer.
“The introduction of an instant payments service is another step to improve Belarus' payment system taking into consideration global trends. This will help save on transaction costs and make payments faster, more reliable and relatively inexpensive.
