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Starting from today Luminor bank has officially launched instant payments, which are executed immediately, to its customers in Latvia. This means that both individuals, and businesses can make and receive money transfers 24/7 in real-time mode.
“Our customers have noticed that already for some time now not only the bank’s internal payments, but also interbank payments are executed by Luminor very fast. Therefore, I am very happy to announce that following a gradual introduction stage instant payments are currently fully available to our customers,” says Baiba Tētiņa, Head of Customer Service at Luminor in Latvia.
In order to make an instant payment, customers do not have to take any additional steps – if the recipient bank supports instant payments, the money transfer is executed immediately as an instant payment. The limit of outgoing payments is EUR 15 000 currently, and the limit for incoming payments is EUR 100 000 as determined in Europe and, accordingly, in the instant payment infrastructure maintained by Central Bank. Such limits apply both to individuals, and businesses. In other cases, for example, if the recipient bank temporarily or completely does not support this function – the money transfer is automatically executed as a standard euro payment.
According to data of Central Bank, the number and volume of instant payments processed in the instant payment service increased 1.4 times in 2023. A total of 52.9 million instant payments were processed in the amount of 22.4 billion EUR, processing up to 280 thousand instant payments on separate days. The availability of the instant payment service was higher than 99.9%.