As of 28 August 2017, Latvijas Banka provides an opportunity enabling instant payments between banks, i.e. between the customers of those banks. Bank customers will be able to make instant payments in the same way as they currently make regular payments: by submitting a payment order via their internet bank, mobile bank, mobile application, e-purse as well as by using other solutions offered by banks and their cooperation partners.

Yes, the objective of the project is to make instant payments available to all individuals and businesses in Latvia.

An instant payment is completed within a matter of seconds, with the payer and payee receiving an online confirmation that the money has been credited to the payee's account, and the money received can be reused immediately.

Latvijas Banka will ensure instant payments 24/7, regardless of weekends or holidays. The same requirement will also apply to banks when they provide instant payments service to their customers.

Instant payments project is not merely a Latvian project. It is a euro area project. From November 2017, European banks will be able to join any of the instant payments schemes, thereby ensuring the reachability of their customers in the context of instant payments throughout Europe.

The maximum limit per payment at the system level will be 15 thousand euro, yet banks could set lower limits on payments made by their customers.

Yes, they are. It will be possible to make instant payments in a similar way as it done now, including via internet bank or mobile bank. The bulk of such payments will be made using a smartphone with an easy-to-use mobile application provided to their customers by banks. Soon it will also be possible to make a transfer quickly and conveniently by indicating the mobile phone number of the payee only, provided that the payee has added this number to the links database of account numbers and mobile phone numbers via his/her bank.

In cases requiring that an invoice is paid in order to receive goods, instant payments will ensure that the trader receives the payment immediately at the moment when the goods are received, thereby making the goods or services available to the buyer sooner. Instant payments will also be an alternative for paying cash upon delivery of goods. The popularity of instant payments is largely dependent on the banks' ability to develop such solutions and the merchants' willingness to use them when accepting payments from consumers.

Actually, instant payments can be used in any area and they can be expected to largely replace traditional payments in the future. The most typical examples would be:

• - a quick transfer to a relative or a friend who does not have enough cash with him /her and money in the account for an unplanned purchase;
• - simply a quick transfer to a relative or a friend within a matter of seconds on any day and at any time of the day;
• - a payment for goods or services ordered, avoiding the need to make an advance payment or use cash;
• - a payment for goods or services delivered to your household while you are abroad;
• - a quick transfer from a relative of yours working abroad (e.g. in Germany or Ireland), including a payment from his/her bank account in the respective country.

Speaking in the language of modern technologies, instant payments are WhatsApp for money .

For the payer, it is immediate non-cash transfers available on a pan-European scale 24 hours a day regardless of holidays and weekends. For the payee and merchants and individuals in particular, it is the possibility to receive payment quicker and re-use the money immediately. Instant payments also offer higher security to both payee and payer by reducing the need to use cash when purchasing goods or services and making payments between individuals. For the country, it is more efficient cash cycle processes and better integration into the European payments area.