Balgarianovinite.com Bulgarian banks are 99% ready to implement the Instant Payments Regulation, which will take effect in Bulgaria on January 1, 2027, Radoslav Daskalov, Deputy Chair of the Payment Infrastructure Committee at the Association of Banks in Bulgaria (ABB), told BTA. “We can confidently say that the banking system is practically ready, with only the Verification of Payee functionality remaining to be fully implemented,” Daskalov said.
He also serves as ABB’s representative in the European Payments Council and heads the Banking Operations Department at Postbank.
With the adoption of the euro earlier this year, Bulgaria has largely integrated into the European payment system, but key steps remain. The Regulation, already in force for older eurozone countries since October 2025, ensures that euro transfers are executed immediately – within 10 seconds from sender to recipient – 24/7 across the Single Euro Payments Area (SEPA). Its adoption aims to make instant payments widespread, affordable, and secure, while reducing fraud.
Under the rules, all payment service providers must offer instant euro transfers with fees no higher than standard SEPA transfers, mandatory free Verification of Payee (VoP) checks to prevent fraud, and 24/7 account accessibility. Daskalov noted that while domestic SEPA transfers currently take 30–60 minutes and international SEPA transfers arrive the next day, instant payments will drastically accelerate the process. The rollout of VoP is the remaining task, with most banks already working on it, supported nationally by Bulgaria’s Borika payment infrastructure operator.
Instant payments are expected to benefit both consumers and merchants by speeding up money flow, reducing reliance on slower card systems, and lowering risks of incorrect transfers or invoice phishing. They also provide a foundation for expanded services, including P2P transfers, online shopping, parking and transport payments, and QR or NFC transactions. Daskalov confirmed that cross-border SEPA instant transfers will cost the same as regular SEPA transfers and could even reduce overall euro transfer costs compared to card or alternative services. Bulgarian Banks 99% Ready for Instant Payments Rollout in 2027 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-02-26 14:28:00 Latest news World news Country news Most important news latest news most important latest of the day Justice Petar Nizamov Feathers Petar Nizamov- Feathers Justice bg iustitia.bg iustitia iusticia usticia investigation Burgas Bulgaria news news of the last hour news of the day news of today Bulgaria news The news from Bulgaria blitz news top news most important most commented latest news Boyko Borisov news weather coronavirus news news weather facebook youtube facebook instagram news today news of the last minutes news today today news news bg news leading news hot news bg news site for news all news news bg news of the last hour latest latest news bg news of today news today news today news of the last hour latest news today news bg news news 24 hours news vesti bg novini news world bird bg bivol bg bivol trud bg novini latest news today novinite bg news hello bulgaria political party coat of arms delyan peevski scandalous Bulgarian National Television Free Europe Television scandal exclusive live tv live right now tv tv online tv program bg live now tv news online tv online live court Burgas court Burgas district court Burgas court Burgas district court Burgas district court Burgas appellate court Burgas prosecutor Burgas prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Prosecutor General Ivan Geshev Prosecutor Geshev Tsatsarov Ministry of Internal Affairs Burgas ODMR Burgas ODPR Burgas police Burgas district police Burgas prosecutor Tsatsarov SGS cases Varna court chairman of the SGS court decisions on civil cases decisions on cases Plovdiv court decision of the court decisions cases Varna court criminal cases district district court decisions work in the court SGS chairman of the SGS judges Sofia court post judges Plovdiv court Plovdiv judges Plovdiv Supreme Court Inspectorate Supreme Court Supreme Judicial Council lawyer lawyer criminal cases lawyer civil cases lawyer marriage cases lawyer administrative criminal law criminal process civil law civil process administrative law constitutional law