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SENT - Euro Payments

TRANSFOND provides clearing for euro payments and settlement in the TARGET2 component of the National Bank of Romania, for payment institutions in Romania.

By launching this service, TRANSFOND ensures for the Romanian institutions participant to the system processing of euro retail payments, both domestic and cross-border, at SEPA standards.

In order to enable the processing of cross-border payments to and from a high number of banks in Europe, TRANSFOND has concluded, since 2013, an interoperability agreement based on SEPA standards and the framework of the European Automated Clearing House Association (EACHA), with Worldline (former Equens), the most important Pan-European automated clearing house of the mentioned association. Starting October 2016 TRANSFOND has extended the addressability of this service by concluding a new interoperability agreement with the same processor. Thus, at this point, TRANSFOND ensures, via the SENT system – Euro Component, a high reachability level with representatives of the banking communities in Austria, Belgium, Bulgaria, Switzerland, Cyprus, Czech Republic, Germany, Estonia, Spain, France, UK, Gibraltar, Greece, Croatia, Hungary, Ireland, Italy, Luxembourg, Monaco, Malta, Netherlands, Poland, Portugal, Slovakia, San Marino. The new agreement ensures access for participants in SENT – Euro Component to 79% of the EU member states (22 countries, including Romania).

Depending on the banks options, TRANSFOND envisages achieving interoperability with other major clearing houses in the euro area.

Sending/delivering and processing of euro payments is done using the same SEPA compliant system – SENT, which processes both Lei and Euro payments (in SEPA format).

In order to participate to SENT – Euro Component, eligible institutions must indicate a settlement account in TARGET2-Romania, or another TARGET2 national component, in with the net settlement resulting from the clearing for each participant will be done. The settlement account can be opened in TARGET2 on behalf of the institution participating in SENT-Euro Component or the name of another credit institution participating directly in TARGET2.

In order to participate to SENT – Euro Component, eligible institutions must adhere beforehand to the SEPA Credit Transfer scheme of the European Payments Council.