Electronic Processing of Debit Instruments

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The current regulatory framework does not allow either the digital presentation or the truncation of debit instruments. Pending a change in the law, banks have worked, as an interim solution, on a proposal to centralise at TransFond headquarters, the physical exchange of paper-debit instruments; Many in the banking industry feel that there would be great value in moving directly to a more lasting settlement in the presentation arrangements but different views exist among market participants as to what that “ultimate solution” should be.

Impact Drivers

  • Public: To improve the market infrastructure (payments system).
  • Private: Potential reduction in the costs of banking services for customers as a result of a more efficient payments infrastructure.


In 2005, about 7.5 million debit instruments were processed.

SPI Committee Involvement

Given the range of options presently under consideration, it is important to have a coordination mechanism among relevant banking system stakeholders (RBA, NBR and TransFond) to reach a shared opinion on a strategy in respect of checks processing and on attendant technical and legislative solutions and translate it in prompt legislative actions. Additional information on SPI Committee


Gabriela Tudor

Project Owner (PO), RBA Vice President

Mirela Palade

Project Manager (PM), Transfond Deputy General Manager

Constantin Rotaru

Deputy Project Manager (DPM), Banca Comerciala Romana



Mihail Meiu

Director, NACP

George Carabasan

Director, Alphabank Romania

Maria Sheikh-Ahmad

Director, Banca Romana Dezvoltare-GSG

Ruxandra Avram

Head of Department, National Bank of Romania

Ileana Velicu

Head of Department, Banca Comerciala Romana

Irina Zamfirescu

Advisor, Ministry of Public Finance

Terms of Reference

Regulatory Impact Assessment

SPI Committee Documents

SPI Committee Enactment Correspondence

Technical Documents


Project Working Group Meeting Minutes

Press Coverage 

  • Interview with Mr. Luigi Passamonti by Ziarul Financiar Newspaper - February 26, 2008