Online clearing in two years

The National Bank of Romania (NBR) and Italy-based Societa Interbancaria per l’Automazione (SIA) have recently begun implementing the national electronic payment system, which will result in an automation of the transfer and payment operations between banks. The implementation of this system will lead, as NBR officials say, to increased efficiency, lower clearing costs, and an operational staff reduction. Clearing in the national payment system requires a huge amount of personnel to process every operation conducted between banks. The project will cost 15 million euros, 10 million of which will come as non-repayable Phare financing, according to the NBR officials. The system will have several components, with the entire process scheduled for completion in two years. Radu Gratian Ghetea, the chairman of the Romanian Banking Association (ABR) says the banks will not have to make significant financial efforts, as the system will be compatible with the used by commercial banks for large payments (it is similar to the SWIFT system, which all the banks in Romania use). ZF