site.btaBulgarian Banks 99% Ready for Instant Payments Rollout in 2027

Bulgarian banks are 99% ready to implement the Instant Payments Regulation, which will take effect in Bulgaria on January 1, 2027, Radoslav Daskalov, Deputy Chair of the Payment Infrastructure Committee at the Association of Banks in Bulgaria (ABB), told BTA. "We can confidently say that the banking system is practically ready, with only the Verification of Payee functionality remaining to be fully implemented," Daskalov said.

He also serves as ABB's representative in the European Payments Council and heads the Banking Operations Department at Postbank.

With the adoption of the euro earlier this year, Bulgaria has largely integrated into the European payment system, but key steps remain. The Regulation, already in force for older eurozone countries since October 2025, ensures that euro transfers are executed immediately - within 10 seconds from sender to recipient - 24/7 across the Single Euro Payments Area (SEPA). Its adoption aims to make instant payments widespread, affordable, and secure, while reducing fraud.

Under the rules, all payment service providers must offer instant euro transfers with fees no higher than standard SEPA transfers, mandatory free Verification of Payee (VoP) checks to prevent fraud, and 24/7 account accessibility. Daskalov noted that while domestic SEPA transfers currently take 30–60 minutes and international SEPA transfers arrive the next day, instant payments will drastically accelerate the process. The rollout of VoP is the remaining task, with most banks already working on it, supported nationally by Bulgaria's Borika payment infrastructure operator.

Instant payments are expected to benefit both consumers and merchants by speeding up money flow, reducing reliance on slower card systems, and lowering risks of incorrect transfers or invoice phishing. They also provide a foundation for expanded services, including P2P transfers, online shopping, parking and transport payments, and QR or NFC transactions. Daskalov confirmed that cross-border SEPA instant transfers will cost the same as regular SEPA transfers and could even reduce overall euro transfer costs compared to card or alternative services.