OREANDA-NEWS. October 25, 2012. In order to bring the retail payment system into line with the conditions of SEPA (Single Euro Payments Area), Eesti Pank launched a procurement process in September. Three tenderers submitted their documents, reported the press-centre of Eesti Pank.

The three tenderers submitted all the required documents on time and all of them qualified for further negotiations. The goal of the negotiations is to find the tenderer best complying with the central bank’s requirements and to conclude a contract with them. The central bank will notify the general public of the results.

In February 2014, uniform payment terms will enter into force in the European Union, enabling people and companies make euro payments across the whole of Europe using one bank account and payment card. As a result, it is necessary to update Eesti Pank’s settlement system for domestic interbank payments (ESTA), which settles an average of 100,000 payments worth around 125 million euro a day.

Eesti Pank’s international procurement of 28 May 2012 to update the interbank retail payment system was unsuccessful, since neither of the two tenders complied with requirements. On September 17, the central bank announced a new procurement: a negotiated procedure with prior publication of tender notice.