BlueOrange provides instant payments with highest limit

Continuing the development of digital services, on 8 December, BlueOrange Bank joined the pan-European instant payments system. BlueOrange is the sixth bank in Latvia, that provides its clients with instant payments 24 hours a day, 7 days a week, 365 days a year, including holidays. BlueOrange provides the highest limit of EUR 33 333 for outgoing instant payments, while the limit for incoming payments is EUR 100 000.

Transfer of funds from BlueOrange account to an account at another bank or vice versa can now be carried out in a few seconds on any day and at any time of day. Instant payments are made in the same way as standard payments by submitting a payment order through the internet bank, mobile bank or mobile application. The service is available to all clients of the Bank, whether individuals or legal entities, regardless of their residence.

Instant payment is processed within seconds and the money received is immediately available for further use. The recipient and the payer receive confirmation of the transfer of the money to the receiving account.

“No additional actions are required to carry out an instant payment through the internet bank or mobile application, — just enter the recipient's account number and the system immediately recognizes that the recipient bank accepts instant payments. The payments have high security standards and the commission remains unchanged,” says Jelena Točilovska, head of BlueOrange Correspondent Relations and Payments Department. “We are pleased that instant payments are becoming widely available — fast payments between business partners or private settlements are already a daily need,” adds J. Točilovska.

“Latvia and the Baltic States as a whole are leaders of the euro area in the deployment of up-to-date financial services, and the Bank of Latvia cares about the development of innovative payment infrastructure — instant payments,” notes Harijs Ozols, head of the Information Technology Department of the Bank of Latvia. “Clients of leading commercial banks in Latvia and Estonia have appreciated instant transfers and innovative instant links under the 24/7/365 regime, so I welcome BlueOrange bank in joining this infrastructure of modern and innovative financial services that provide bank clients — citizens and entrepreneurs — with new payment and business opportunities,” adds H. Ozols.

Instant payments in Latvia can be carried out between the accounts of the banks that have joined the pan-European instant payments system: Bank of Latvia, SEB Bank, Citadele, Swedbank, Signet Bank and now BlueOrange. In addition, instant payments can be received and sent to other banks in Europe that offer this functionality.