Instant payments are available to more than 90% bank customers in Latvia

Instant payments are available to more than 90% of bank customers in Latvia, said Bank of Latvia spokesman Janis Silakalns.

"Currently, the innovative interbank transfers, executed in a matter of seconds and available on any day and at any time of the day, including weekends and holidays, can be used by already over 90% of the customers of Latvian commercial banks," he said.

The customers of Citadele bank, SEB Banka and Swedbank can currently make instant payments.

With instant payments continuing to develop, commercial banks and financial sector companies can soon be expected to start offering their customers an option to execute instant payments based on their mobile phone number only, without having to enter the customer account's IBAN number for every payment, Silakalns said.

Up to now, almost two million instant payments with the total value of approximately €400 million have been handled by the Bank of Latvia system.

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