Speed and security as the standard for payments in our country
Under the motto of speed and security, the Fast&Securious seminar, organized by BORICA, brought together over 150 key stakeholders from the financial sector. The event gave a strong start to discussions on the development of blink instant payment services and new solutions for monitoring and prevention of financial fraud.
The CEO of BORICA, Mr. Miroslav Vichev, opened the seminar reminding that the infrastructure in Bulgaria already fully meets the European requirements and very soon Bulgarian users will be able to make payments to and from a mobile number in other countries. He highlighted the advantages of BORICA's membership in international associations such as the European Card Payment Association (ECPA), the European Mobile Payment Systems Association (EMPSA) and the European Automated Clearing House Association (EACHA). “BORICA has been elected as a board member of EACHA, which gives us unique access and enables us to actively participate in the definition of the European strategy and regulations,” added Vichev.
Bulgaria is on the home straight for the introduction of instant transfers in euro by the end of 2025
Instant payments are already a standard in Europe, and Bulgaria needs to pick up the pace to keep up with this development. This opinion was expressed by Stoilka Arsova, Director of the National Card and Payment Scheme (NCPS), and Vanya Ganeva, Director of Payment Services at BORICA. When Bulgaria joins the euro area on 1 January 2026, the country will have to meet the requirements for immediate payments within one year from that date. This is subject to clear deadlines, concrete steps and shared responsibility - between institutions and market participants. In this context, the transformation of the NCPS into a National Card Scheme and payment innovations are pending. Amendments to the Scheme Management Rules are being prepared, as well as to the product rules and tariffs for blink services. An international strategy is also being developed for integration of blink with the mobile solutions of the European schemes.
Instant transfers are not just a trend, but the new global standard for financial services. According to the data presented, over 80 countries now offer instant payments, with India leading the way with an impressive 84% share, followed by Lithuania with 67% and Latvia with over 50%.
The seminar was also joined online by Martin Lopez, ‘New Projects and Innovation’ Lead at Bizum, a leading mobile payment platform in Spain and Andorra. He shared the experience of Bizum, which combines P2P transfers with SEPA Instant, e-commerce, POS payments and donations, and processes up to 5 million transactions daily.
blink P2P is changing banking in Bulgaria
The potential of mobile payments is also unfolding in Bulgaria through blink P2P. Already over 1 million customers have registered for the service, with the goal of reaching 70% of the country's banking population. The figures were shared during the panel dedicated to blink P2P. Representatives from leading banks participated in the discussion and agreed that payments by mobile phone number will replace classic IBAN transfers and there will be no going back. According to the analyses, the most active period for transactions are the days from Tuesday to Friday between 11:00 and 12:00. Experts expressed the view that through targeted campaigns, technological improvements and expanded accessibility, the service could soon reach its targets.
One brand - a mix of value-added services
The blink service started with instant credit transfers, followed by blink mobile transfers and is now evolving into a comprehensive digital ecosystem. Blink parking is available in 21 municipalities, with expansion to Plovdiv and Varna. The service offers useful and convenient features to make it easier for customers, such as a built-in vehicle location tracker that automatically detects what zone the car is in and hence what amount needs to be paid. With blink parking, parking time can be selected or extended with a new payment if the zone allows it. The next step of integration of blink eCommerce is also pending. This will enable merchants to accept payments by mobile phone number, without the need to enter an IBAN. Funds will flow immediately to the merchant, with no charge to the customer - faster, more convenient and more secure than ever before. The upcoming integration with Google Pay and Apple Pay, as well as new services such as blink donations and blink Travel, further build on the overall user experience.
Security at high speed in digital payments
As digital payments increase, so do the risks of cybercrime organised by well-structured criminal networks. The topic of security in digital transactions was the focus of the second panel of the seminar, dedicated to the prevention of financial fraud.
Commissioner Svetlin Lazarov from General Directorate Combating Organized Crime (GDBOP) presented the current trends in cybercrime and underscored the need for an active and technologically secured response to the threats.
Albena Petkova, Director of Anti-fraud and AML Services at BORICA, focused on the need for an integrated and automated verification and real-time monitoring process. In the context of growing e-commerce activity and the expected growth of the global mobile banking market to $1.8 trillion by 2026, Petkova stressed that effective prevention starts even before the actual payment is initiated.
Key elements of prevention include the analysis of atypical customer behaviour, tracking of fake IBANs, suspicious login sessions and other indicators of risk. Rather than a one-size-fits-all approach, controls should focus on the most vulnerable segments and products. As part of its commitment to high security standards, BORICA offers financial fraud monitoring and prevention services based on the IBM Safer Payments platform, a leading real-time fraud detection and prevention platform. The platform enables flexible analytics rule building, anomaly detection in user behaviour and 24/7 monitoring. Efficiency reaches up to 98%, significantly reducing response times from hours to minutes. According to experts, it is through the combination of advanced technology, dynamic analytics and targeted risk tracking that the path to sustained fraud reduction passes, without compromising customers’ experience. BORICA continues to invest in solutions that provide both high security and convenience for digital financial services users.
Fast and secure payee verification curbs fraud
IBAN spoofing frauds are becoming more common, with criminals using fake emails and calls to divert funds to their own accounts, experts have warned. Hundreds of such cases were recorded in 2024, with damage exceeding EUR 16 million, the largest fraud in Bulgaria amounting to USD 10 million. Victims are often construction and infrastructure companies working with large sums and multiple subcontractors. Invoices are sent by email, making it easier to spoof the IBAN. To solve the main problem and to establish with certainty whether the named payee is the actual IBAN holder, the EU introduced Regulation (EU) 2024/886. The aim of the service is to increase the security and transparency of payments in Europe and in this country. The Regulation obliges to verify the name of the recipient before executing a transfer. The new regulated payment service - ‘Recipient Verification’ will be offered by BORICA from October 2025, and banks will start testing their systems from mid-July. The consistency of the data will be verified by BORICA in seconds, allowing consumers to make an informed decision.
The seminar reaffirmed that the future of financial services lies in the strong partnerships between everyone in the financial and banking community. Through technological innovation, BORICA is not only changing the way payments are made, but is also setting a new standard for advanced instant services in a secure environment.
