Podgorica, (MINA-BUSINESS) – Erste Bank has successfully completed its first instant payment transactions, introducing a new service that enables customers to transfer money faster and more conveniently.

With instant payments, individuals and businesses can send and receive funds within Montenegro’s domestic payment system in just a few seconds through Erste mBanking, Erste NetBanking and Erste eBanking, at any time of the day or night, seven days a week, throughout the year, including weekends and public holidays.

“The service is also available at Erste Bank branches through teller services during regular business hours," the bank said in a press release.

Instant payments can be used for transactions of up to €2,999.99. To process a payment as an instant transaction, customers must select the “urgent” option when submitting the payment order.

“For payment orders of up to €200 submitted via online or mobile banking, the fee is five cents, which is lower than the fee for a standard DNS transaction,” the bank said.

Erste Bank said the introduction of instant payments is the result of the implementation of the TIPS Clone project, one of the key steps in modernizing Montenegro’s payment system.