The National Bank of Romania cuts electronic payment system fees
09.02.2006
The National Bank of Romania will cut by 30% the fees charged for settlement of large-value or urgent payments via RTGS and by 50% the fees charged for delivery versus payment transactions via GSRS.
The new fees, effective 1 March 2006, will be RON 10.50 for large-value or urgent payments carried out via RTGS (compared with RON 15 at present) and RON 79 for delivery versus payment transactions carried out via GSRS (compared with RON 158 at present).
The National Bank of Romania considers that the reduction in electronic payment system fees will bring about changes in the credit institutions' fee policy on payment and settlement services provided to their customers. Moreover, the cut in financial intermediation costs will help boost cashless activities in Romania.
The central bank will take further steps to lower fees charged to participants in RTGS and GSRS systems with a view to bringing them close to the levels applied by the central banks that are members of the European System of Central Banks.
The electronic payment system components were put into operation as follows:
- RTGS (Real Time Gross Settlement system) managed by the National Bank of Romania - on 8 April 2005;
- ACH (Automated Clearing House) managed by TransFonD - on 13 May 2005; and
- GSRS (Government Securities Registration and Settlement system) managed by the National Bank of Romania - on 3 October 2005.