The interbank payment system in Romania might use the technological platform provided by SWIFT and currently used by every commercial bank for making payments in foreign currency, Radu Gratian Ghetea, chairman of the Romanian Banking Association (ARB) on Monday said during the SWIFT regional meeting. The SWIFT Regional Conference for Central and Eastern Europe is being held in Bucharest throughout May 5-7, with more than 300 people from Romania and other countries expected to attend. SWIFT (Society for Worldwide Interbank Financial Telecommunication) was established in 1974 and its membership consists in more than 7,500 banks and financial institutions from all over the world. "TransFond will implement the SWIFT standards. This option was already decided to be used for government securities and will probably be used for large payments, above 500 million ROL, as well," Ghetea said. ARB chairman says no domestic system will be able to reassure banks it can provide at least the same security and speed as SWIFT does. A number of 1.8 billion transactions are carried out through SWIFT every year, with $6,000bn transferred every day. ZF
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