New bank solution for immediate money transfers

A new banking solution is being rolled out to ensure that customers can transfer and receive money immediately, without the delays of today’s system.

Currently, the banks must settle before the recipient receives the money into the account, but the settlement between the banks is only done five times per day on all business days. This means that transfers of larger amounts or during holidays take time.

E24 writes that a new solution that Nets has made on behalf of the banking and finance industry’s infrastructure company Bits and Norges Bank, will make money transfers immediately available sometime during the next six months.

With the new solution, the settlement takes place between the banks in real time.

“This is a big step towards a payment infrastructure in Norway that responds to customers’ expectations for real-time payments,” says Bits CEO Eivind Gjemdal in a press release.

© NTB Scanpix / #Norway Today