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Instant Payments in Czechia: Adoption and Future Trends

Author

Listed:
  • Ivan Trubelik
  • Tomas Karhanek
  • Simona Malovana
  • Ales Michl

Abstract

This paper analyzes the adoption and evolution of the instant payment system (IPS) in Czechia, focusing on its integration into the Czech Express Real Time Interbank Gross Settlement (CERTIS) system. Since 2018, CERTIS has enabled 24/7 CZK fund transfers, boosting transaction efficiency. Voluntary bank participation led to rapid uptake, and by 2024, IPS-participating banks handled over 90% of CERTIS client transactions, with 50% of interbank retail payments processed instantly. Czechia's IPS stands out for its seamless bank integration, high reliability, and flexible limits. It also outperforms priority payments for lower-value transactions. The paper explores future developments, including cross-border payments and links to central bank digital currencies.

Suggested Citation

  • Ivan Trubelik & Tomas Karhanek & Simona Malovana & Ales Michl, 2025. "Instant Payments in Czechia: Adoption and Future Trends," Working Papers 2025/4, Czech National Bank, Research and Statistics Department.
    • Handle: RePEc:cnb:wpaper:2025/4
    as

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    File URL: https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/cnb_wp/cnbwp_2025_04.pdf
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    References listed on IDEAS

    as
    1. World Bank, 2024. "Interoperability Between Central Bank Digital Currency Systems and Fast Payment Systems," World Bank Publications - Reports 41812, The World Bank Group.
    2. Jose Aurazo & Holti Banka & Jon Frost & Anneke Kosse & Thomas Piveteau, 2024. "Central bank digital currencies and fast payment systems: rivals or partners?," BIS Papers, Bank for International Settlements, number 151.
    3. Ying Lei Toh, 2024. "Combating Authorized Push Payment Scams in Fast Payment Systems," Payments System Research Briefing, Federal Reserve Bank of Kansas City, pages 1-8, November.
    4. Mr. Tanai Khiaonarong & David Humphrey, 2022. "Instant Payments: Regulatory Innovation and Payment Substitution Across Countries," IMF Working Papers 2022/228, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    CERTIS; instant payment system; real-time settlement; transaction efficiency;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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