Most Lat­vian res­i­dents will soon have ac­cess to light­ning-fast trans­ac­tions

Baltic News Network - - Front Page -

Soon Lat­vian res­i­dents and busi­nesses will be able to per­form most trans­ac­tions within sec­onds, Swed­bank rep­re­sen­ta­tives prom­ise. This will be made pos­si­ble thanks to light­ning-fast or electronic trans­ac­tion sys­tem be­tween Euro­pean banks. Mul­ti­ple Lat­vian banks in­tend to join this sys­tem.

Swed­bank pre­dicts that Lat­vian res­i­dents will like this, see­ing as how they have al­ready got­ten used to im­me­di­ate trans­ac­tions in their banks. Trans­ac­tions usu­ally take an hour or a day to process if they are per­formed on week­ends.

Swed­bank data also shows that Lat­vian res­i­dents per­form few trans­ac­tions to for­eign banks – a mere 1%. 89% of trans­ac­tions are per­formed be­tween dif­fer­ent Swed­bank ac­counts and 10% – to ac­counts in other banks in Latvia. In to­tal, nearly four mil­lion trans­ac­tions are per­formed within Swed­bank, 400,000 to other banks in Latvia and 22,000 to for­eign banks. Even money-wise, the largest trans­fers are per­formed within the bank (73%). «In­tro­duc­tion of light­ning-fast trans­ac­tions will make res­i­dents value non-cash trans­ac­tions more, be­cause after this sys­tem’s in­tro­duc­tion, we will be able to se­cure faster trans­ac­tions not only within our bank, but also for other banks in Latvia and Europe. Of course, res­i­dents will only ex­pe­ri­ence changes once the sys­tem has been ex­panded to the largest banks in Latvia and Europe. We ex­pect the process in Europe to com­mence at the end of Novem­ber, when banks start join­ing EBA Clear­ing in­fra­struc­ture,» says Swed­bank Group pay­ment pro­cess­ing and sup­port of­fice man­ager Mareks Ko­valevskis. Rep­re­sen­ta­tives note that in­tro­duc­tion of a light­ning-fast trans­ac­tions will se­cure faster and more con­ve­nient trans­ac­tions for pri­vate clients and busi­nesses. The max­i­mum amount that will be al­lowed to be trans­ferred us­ing the sys­tem will be EUR 15,000.


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