Founded in 1856, Banque Internationale à Luxembourg (BIL) is decidedly not showing its age and is now letting its clients make instant payments. It is the first Luxembourg bank to offer this kind of service.
A high-tech bank
There are those who talk about the digital revolution and those who live and develop it, offering their clients innovative solutions based on new technology. Such progress makes life easier for everyone, makes business more straightforward for professionals, and increases trust.
BIL has decided to be among the latter. After developing online and mobile banking services (BILnet) and BILnet mobile, respectively), BIL has now introduced instant payments. It is the first Luxembourg bank to offer this feature to its clients. This is a bonus for BIL, completing its range of simple, practical, secure digital services that meet the needs of our highly varied clients.
A network of partners
Making instant payments is one thing, but the bank accounts involved have to be eligible. BIL first joined the European Central Bank’s (Target Instant Payment Settlement) network: all European banks that have signed up to this service can send or receive an instant payment. And to make its clients even happier, BIL will start building on this potential from 26 November by connecting to the RT1 network, which will significantly increase the number of banks whose accounts will be eligible.
A click away
The feature is extremely simple. For clients wanting to make an instant payment, the procedure is similar to a normal credit transfer over BILnet (computer or mobile). There is just an extra box to tick. When clients enter payment details, in particular the beneficiary account references, BILnet will automatically detect whether it is eligible for instant payment. If it is, then within ten seconds the payment will be credited to the account of the beneficiary, who can use the money received immediately.
A plus for individuals and professionals
There are numerous benefits of instant payments for both individuals and professionals. In day-to-day matters, for example, they let parents immediately top up the account of a child studying abroad, or pay a bill on time without incurring a penalty. For BIL’s professional clients, not having to wait for transfers to go through (whereas they could sometimes take several days) makes it easier to manage funds and optimise cashflow.
A revolution
The ability to transfer funds across Europe in a matter of seconds, 24/7, is a new technological achievement and BIL’s clients can now take advantage of this innovative solution. Perfect collaboration between BIL project teams and the Luxembourg Central Bank has led to us reaching the ambitious target of being the first bank in Europe to offer its clients instant payments.
This launch is particularly important for the Luxembourg market, as it puts the country at the cutting edge of innovation in the field of payments. BIL will obviously be delighted to see other Luxembourg companies adopt instant payments as it would open up new possibilities for consumers and businesses.
Always ahead of the pack
Making a payment is part of daily life and in a world in which everything is accelerating, frictionless immediacy and ubiquity are becoming the norm. At BIL, you can pay whenever and wherever you want, instantly and securely.
The emergence of new players on the payments markets, and the proliferation of new technologies, present opportunities for BIL to show its commitment to providing its clients with innovative and secure solutions. In December 2019, BIL launched a means of paying for fuel at service stations without going to the counter. At the start of the year came the Apple Pay service, complementing our range. And now there’s instant payment.
As we’ve always said: when you’re young and modern, it’s for life. Even if you were born in 1856!Click here for more information
