TRANSFOND facilitates the initiation of mobile phone payments for financial-banking institutions in Romania

As of September 24, 2020, approximately one year after the operationalization of its service Instant payments in national currency, TRANSFOND offers the possibility to simplify payments between two accounts opened at different banks, using only the mobile phone number of the payee, through the AliasPay service – available 24/7/365.

This facility will be offered to end consumers (individuals or legal entities) through banks / payment service providers that will participate in the AliasPay service. AliasPay is a Standardized Proxy Lookup (SPL) service that allows payments based on an alias (mobile phone number) that the payer knows at the time of initiation.

AliasPay correlates, for payment service providers, between the alias and the IBAN account number of the payee. In implementing the service, TRANSFOND used the SPL scheme of the Romanian Banking Association.

AliasPay will be fed by the payee’s bank and queried by the payer’s bank. The level of security and availability of the service is similar to that provided for the operation of the House of clearing of interbank payments, TRANSFOND also providing a response time to queries less than 2 seconds.

The benefits of using the AliasPay solution by banks / payment service providers include: costs communications networks (re-use of TFDNet), operational safety, efficiency, interoperability at SEPA level without the need for developments by the participant, electronic archiving, HelpDesk available 24/7/365.

“We are confident that Romanian payment service providers will see the potential of this service as much in terms of loyalty to current customers, by offering an easy and comfortable payment experience, aligned with the most modern European and international standards in the field, as well as from the point of view attracting new customers, who appreciate an innovative portfolio of services, such as AliasPay, as defining elements simplicity and efficiency. TRANSFOND stays with the financial-banking community, in identifying and offering the most appropriate value-added services to support the continuous development of the electronic payments market in Romania,” said Sabin Carantină, General Manager TRANSFOND.