Bank of Estonia: Interbank Credit Transfer Must Speed Up ({{commentsTotal}})


The Bank of Estonia has said that credit transfer can and must be made faster.

"Banks should continue working on it. There are a number of countries in Europe where faster and even real-time solutions have been implemented," Madis Müller, deputy governor of the Bank of Estonia, told Delfi.

The time it takes to transfer money from one bank to another has increased from about one and a half to five hours since Estonia joined the Single Euro Payments Area (SEPA) initiative in February 2014.

The Estonian Banking Association said that the negotiations for a faster clearing system are already underway but any improvements are unlikely before autumn 2016.

At present, the association advises customers to use the fast-track payment scheme that most banks offer, but this can set one back as much as 50 euros.

+{{cc.replyToName}} {{cc.body}}
No comments yet.
Logged in as {{user.alias}}. Log out
Login failed

Register user/reset password

Name needs to be fewer than 32 characters long
Comment needs to be fewer than 600 characters long

Independence Day: Estonia’s way into the future isn’t a race

There is a lack of connection between the Estonian state, and the people who live here. While it expects a lot of the state, Estonian society doesn’t seem ready to contribute, writes Viktor Trasberg.

Lotman: Security academy would be crucial Estonian identity point in Narva

In an opinion piece published by Eesti Päevaleht, Tallinn University professor Mihhail Lotman found it important to overcome the mental barrier separating Ida-Viru County from the rest of Estonia.