Following the specials efforts of the central bank and the banking community to conduct a structural reform of the payment and settlement systems in Romania, currently, Romania has a modern payment system, compatible with those of the European Union.

The operator of the Electronic Payment System of Romania is TRANSFOND – the Company for Fund Transfer and Settlement, a private firm established by the banking community of Romania, having as shareholders the National Bank of Romania and 23 commercial banks. The main line of business of TRANSFOND is to provide clearing and settlement services of cashless payments in national currency for credit institutions, the National Bank of Romania, the State Treasury and other financial institutions.

The main tasks of TRANSFOND are:

• to manage and operate the SENT (automated clearing house) system;
• the technical administration and the operating of the ReGIS (real-time gross settlement system) system, according to the mandate given by the National Bank of Romania;
• the technical operating of the SaFIR (system for deposit and settlement of government securities) system;
• to provide support services for the participants in the three systems.