Together with banks, savings banks and the Bankart company, Banka Slovenije are gradually introducing the instant payments system into the public sector, helping to broaden the application of the Instant Payments Regulation. Pensions will be paid by the Slovenian Pension and Disability Insurance Institute via the instant payments system for the first time on Friday 29 May.
All organisations involved will endeavour to ensure that funds are available in recipients’ accounts as normal, i.e. from the early morning hours. However, owing to the large number of these payments, there is a small risk that funds will appear in some accounts slightly later, but still on the same day.
The system through which pensions have been paid up to now will be discontinued at the end of September. By then, Banka Slovenije, together with banks and savings banks in Slovenia and the payment systems operator Bankart d.o.o., will enable the execution of all domestic SEPA credit transfers through the instant payments system. This system enables pensions to be largely paid into beneficiaries’ accounts in the early morning hours.
In line with this objective, pensions will be paid via the instant payments system for the first time on Friday 29 May. Pensions are usually paid on the last working day of the month by the Slovenian Pension and Disability Insurance Institute. The pension payment process will take place overnight as usual.
All organisations involved will make every effort to ensure that funds are available on recipients’ accounts by the early morning hours, as has been the practice up to now. However, there may be some exceptions given the large number of payments to be made and the nature of instant payments themselves, with funds arriving slightly later than usual in some cases, albeit on the same calendar day.