Romanians at home and abroad who send money to their loved ones now have the opportunity to benefit from the advantages of the fastest and most modern payment system – instant payments.
Meeting customer expectations and the challenges of today’s world, the Smith Instant product enables money transfers in just a few seconds, available 24/7, to any bank account in Romania at banks participating in the instant payment infrastructure.
Smith&Smith, a well-established institution in the money transfer sector, offers cash-paying customers the possibility of making instant payments in RON to their beneficiaries either through its 70 own agencies or via an extended network of authorized agents managing over 15,000 payment kiosks. This way, both payers and beneficiaries can enjoy the speed and efficiency of instant payments.
The service will also be available for Romanians abroad, who, through their foreign partners, will be able to initiate instant payments 24/7 to beneficiaries’ accounts in Romania.
Moreover, this facility will be offered to those who wish to pay utility bills, bank loans, and leasing installments, either in cash or by bank card, using the more than 50,000 POS terminals operated by Smith&Smith agents across the country.
The authorization by the National Bank of Romania (BNR) in the summer of this year for the “Smith Transfer” online money transfer application and the integration of this instant transfer service mark the beginning of the digital era for Smith&Smith.
“When I founded this institution 25 years ago, transfers typically took five working days. A few years later, we introduced ‘urgent’ transfers, reducing the timeframe to three working days. By continuously developing our systems in line with banking service advancements, we reached a point where we could offer ‘fast’ payments, processed in about an hour to beneficiaries’ bank accounts. Today, we are aligning with modern payment standards by introducing instant payments, demonstrating our respect for customers who expect quick and financially accessible services from a payment institution.” – said Valentin Eugen Dăeanu, founder of Smith&Smith.
“Although we are a hybrid company, managing both cash and cashless payment distribution channels, Smith&Smith is firmly committed to the digitalization of its payment services. In this complex process, which began two years ago, the introduction of instant RON payments and soon-to-come instant euro payments is a mandatory step. I would like to thank TechVentures Bank, a reliable banking partner that has supported our settlement processes via TRANSFOND for over 10 years. During the integration process, we also received invaluable support from the professionals at Montran and TRANSFOND, for which my colleagues and I extend our sincere gratitude.” – said Georgeta Pocnetz, CEO of Smith&Smith.
“We welcome Smith&Smith to the network of banks providing Instant Payment services, contributing to the development of a modern and secure payment system. These services will benefit both consumers and merchants adopting new technologies. Romania has considerable potential in this sector, but progress requires a joint effort from payment service providers, merchants, and public institutions.” – stated Sabin Carantină, General Director of TRANSFOND.
TechVentures Bank:
TechVentures Bank is the first bank in Romania to offer a settlement banking service to a payment institution in its role as a direct non-settling participant in the instant payment system operated by TRANSFOND.
With this opportunity, we would like to thank Smith&Smith for their trust and for choosing us as a partner in this important project.
This initiative highlights both the value of TechVentures Bank’s instant payment service and its role as a settlement bank for payment institutions participating as direct non-settling members in TRANSFOND’s instant payment system. It also underlines the crucial role of banks in Romania’s instant payment infrastructure. TechVentures Bank enhances the customer experience through innovative and high-performance solutions, becoming a key player in supporting an efficient and interconnected instant payment framework across the entire economy.
Montran:
“Our collaboration with Smith & Smith for the implementation of the Instant Payment Gateway has been outstanding. Montran successfully adapted to Smith & Smith’s infrastructure, thus minimizing implementation costs for our partner. We are pleased to have Smith & Smith in our portfolio of clients, and through this collaboration, we once again demonstrate our successful partnerships with both financial institutions and banks of all sizes.” – stated Irina Cârciu, Sales Director at Montran.
About TRANSFOND:
TRANSFOND is the administrator and operator of the Automated Clearing House for interbank commercial payments. Its main activity is providing services to financial and banking institutions for interbank retail payments in local currency and euros, both nationally and across borders.
In October 2024, TRANSFOND launched RoPay – Romania’s first national instant mobile payment service, allowing account-to-account (A2A) transactions directly from one bank account to another. RoPay utilizes technologies such as QR code scanning, deep link, NFC (contactless), or mobile number as an alias (“proxy”) for IBAN.
About Smith&Smith:
Founded in 1999, Smith & Smith is Romania’s oldest payment institution, partnering with over 30 international institutions in the money transfer sector.
With 70 own agencies and a vast network of agents operating over 15,000 payment kiosks and 50,000 POS terminals, Smith&Smith has significant potential to provide a wide range of payment services, reaching even the smallest administrative units. It ensures easy access to financial services for a diverse customer base, including the 29% of Romanians who remain unbanked.
