Instant payment infrastructure in Latvia has been used 5.1 million times, reaching a total value of EUR 1 billion. The historical EUR 1 billion was reached on Monday, 1 July, as reported by Bank of Latvia.
The bank also notes that 20 000 instant payments worth EUR 2 million were performed using Bank of Latvia infrastructure during the Summer solstice holiday (22nd – 24th June).
Bank of Latvia was the first in Eurozone to adopt instant payments on 28 August 2017. Instant payments are available to more than 90% of clients of Latvian credit institutions. It is expected this service will become available to nearly 100% of clients in 2020. Instant payments in Latvia are currently performed by the Bank of Latvia, Citadele Bank, SEB Bank and Swedbank. Instant payments can be used to money transfers to more than 2 300 Eurozone member states’ credit institutions and payment processing institutions.
As instant payment technologies continue developing, it is expected that credit institutions will be able to offer their clients this service using Bank of Latvia’s Flash Connections Register through mobile apps without the need to input client account number for every payment, the bank explains.
The bank adds that the register maintains connection between the client’s account number and mobile phone number. At the same time, the register will also ensure connection to other identification tools for authentication of payments.