Bank Millennium, BRE Bank and Meritum Bank launch instant transfers

Express ELIXIR instant payments system

Customers of Bank Millennium, BRE Bank and Meritum Bank have launched the Express ELIXIR instant payments system, which permits making instant interbank transfers, without intermediaries (view press release). The first transactions were processed on 12 June 2012. By the end of the year six further banks will implement the new system, which is operated by Krajowa Izba Rozliczeniowa S.A. Customers can use instant transfers to pay loan installments, to repay credit card debt or to pay their phone and electricity bills. Money sent via Express ELIXIR may be withdrawn by the beneficiary in an ATM. It is hoped that instant transfers will stimulate development of e-commerce. In the new system customers will get a transaction confirmation.

Bank Millennium will provide this service to private and business customers, with pricing as follows: PLN 5 for private customers, PLN 10 for Biznes customers and PLN 40 for corporate customers. Initially the instant payments service will be available only to business customers in BRE Bank, but it intends to make the service available to private customers some months later. Meritum Bank launched the service as a pilot exercise. Until the end of June this year instant payments will be available to all customers of the bank, paying PLN 5 for an Internet or Mobile transfer and PLN for a transfer ordered by phone.

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