What is instant payment?

What is instant payment?

The clients of the Dominican financial system have the instant payment service of the central bank of the Dominican Republic (BCRD), where they can make fund transfers and loan and card payments with a maximum crediting time of eight minutes.

The BCRD explains, through a publication, that from its start-up in November 2014 to March 2022, 29.7 million operations have been carried out for RD$6.1 billion and US$19.4 million.

In addition, it indicates that for the last 12 months there is a monthly average of 944,264 transactions in Dominican pesos and 58,637 in US dollars.

He explains that given the speed and security offered by this service, there is a growing trend in its use. Indeed, between 2015 and 2021 the volume and value of transactions in pesos presented an average year-on-year variation of 94.6% and 65.8%, respectively.

Likewise, transactions in dollars registered an average interannual variation of 87.5% and 63.2% in volume and value, respectively.

The central bank explains that the instant payment service operates seven days a week from 7:00 a.m. to 11:00 p.m., with a temporary closure from 4:00 p.m. to 6:30 p.m. from Monday to Friday, and during regular hours weekends and holidays. In addition, it details that payments made outside of these hours are made effective at 8:00 am on the next business day.

Additionally, instant payments are available at bank branches and through electronic forms, from 8:00 a.m. to 3:00 p.m.

The central bank points out that the fee charged by the banks it is a fixed amount; it will never be a percentage of the transfer.

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