Today, Eesti Pank announced an international procurement for updating the interbank retail payment system to bring it into line with the Single Euro Payments Area (SEPA) terms and conditions.

In 2014, common payment terms will enter into force in the EU, aiming to enable euro payments with the help of one bank account and one payment card all over Europe. In order for Estonia to be able to meet the common payment terms and conditions, and to ensure the current speed and quality of payment services, Eesti Pank will have to update its interbank retail payment system. 

The procurement intends to find a partner who already has experience in the field of retail payments complying with SEPA requirements, makes it possible to maintain the speed and favourable price of payments Estonia has been enjoying for the past 10 years and, additionally, enables cross-border direct debit in the entire euro area. Another objective is to solve the problem of Easter Monday payments. It is a holiday in the rest of Europe, but not in Estonia, so we would like to keep settlements going on that day.

"The goal of updating the interbank retail payment system is to make sure that the domestic payments of Estonia's residents and companies will transfer from one bank to another ten times a day at a favourable price. Right now, the role is fulfilled by ESTA," said Head of the Clearing and Settlement Systems Department Mr Mihkel Nõmmela.

He added there were several suitable cooperation partners in the market. "At this point, it has to be taken into account that payments in Estonia transfer at an outstanding speed and our residents appreciate it. Unfortunately, there are no ready-made solutions in the market to suit our needs. Thus, Eesti Pank's task is to find solutions that are suitable to our market and correspond to the needs of our residents. Here I have to stress that we will be able to maintain the speed and quality of interbank payments only if all banks continue to use the Eesti Pank's payment system," said Nõmmela. 
The procurement results will probably be disclosed at the end of September. 

For further information about SEPA see the web page of Eesti Pank.

ESTA is an interbank settlement system of ordinary payments, which settles domestic payments between banks. In 2011, ESTA settled an average of an hundred thousand domestic payments with total worth about 100 million euros.

For further information:
Ingrid Mitt 
Eesti Pank
Public Relations Office
Telephone: +372 668 0965, +372 512 6843
E-mail: [email protected]