Clients for the Lithuanian fintech company Bankera can now perform instant payments in euros to other Lithuanian and foreign banks and financial institutions, which are part of the payment system SEPA Instant. Instant payments made on the Bankera platform will reach the recipients’ accounts in moments and will be available at any time on every day of the week including holidays, according to a press release.
“By becoming members of the SEPA Instant payment system, we can offer our clients even faster payment services. Neither private nor business clients will have to pay extra for the instant payments. Private Bankera clients will be able to perform instant payments completely free of charge, while business clients can use the service just for 0.1 euro, based on the standard service plan,” says Bankera co-founder Vytautas Karalevičius.
According to him, instant payments are particularly relevant to businesses operating in the European market. For companies, they open the opportunity to transfer funds within just a few seconds on any day at any time, promptly making payments to suppliers and business partners.
Instant payments are made in euros through the European Payments Council’s SEPA Instant system, allowing for immediate inter-bank transactions of up to 100,000 euros.
Those looking to make instant payments will not be required to make any further actions, and everything will need to be done on the Bankera platform just the same as when making a regular transfer. The transferred funds will reach the recipient’s account within just a few moments regardless of what day of the week or what time of day the transfer is made.
Bankera’s solutions are powered by Pervesk, an electronic money institution authorized by the Central Bank of Lithuania. In addition to SEPA Instant, Pervesk became a principal member of the Visa network last December.
Private and business clients using Bankera’s payment account services can perform SEPA and SWIFT transfers at competitive rates. For small and medium-sized enterprises in Lithuania, Bankera offers accounts, business development, and financing solutions for transitioning operations online.
The fintech company Bankera was founded by three Lithuanians: Justas Dobiliauskas, Mantas Mockevičius, and Vytautas Karalevičius. In April, the small and medium-sized enterprise solution created by Bankera for a hackathon organised by the European Commission was recognised as the best in the Digital Finance category. At the Fintech Week Lietuva event held in Lithuania in June, Bankera was recognised as having created the best fintech solution for businesses. Bankera was the only Lithuanian company represented in 2019 Fintech100: Leading Global Fintech Innovators fintech innovator ratings compiled by international audit, tax, and business consulting firm KPMG and the venture capital fund H2 ventures, ranking at 42nd place.