Instant payments in Czechia : Adoption and future trends
Abstract
This paper analyses the adoption and evolution of the Czech instant payment system (IPS), 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 per cent of CERTIS client transactions, with 50 per cent 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 also examines emerging cyber-security risks linked to instant payments, highlighting how growing fraud threats influence system design, transaction limits and the development of preventive measures. Finally, paper explores future developments, including cross-border payments and links to central bank digital currencies. This article is also included in the Business & Management Collection which can be accessed at http://hstalks/business.
The full article is available to subscribers to the journal.
Author's Biography
Ivan Trubelík is a junior research analyst in the Financial Stability Research Division of the Czech National Bank. He graduated in economics from the Institute of Economic Studies at Charles University. His main areas of research include physical climate risk, payments systems, cryptocurrencies and central bank digital currencies. Ivan is affiliated with the Czech National Bank and the Institute of Economic Studies, Charles University.
Tomáš Karhánek is a junior research analyst in the Financial Stability Research Division of the Czech National Bank. He graduated in economics from the Institute of Economic Studies at Charles University. His research focuses on climate risks, payment systems, real estate markets and credit conditions for firms. Tomáš is affiliated with the Czech National Bank and the Institute of Economic Studies, Charles University.
Simona Malovaná is Executive Director of the Research and Statistics Department at the Czech National Bank. She has more than a decade of experience producing policy-oriented research, advising central bank policy makers, setting research priorities and leading project teams. Her research interests include financial stability topics, macro-financial linkages, the interaction and coordination of central bank policies, green finance and climate risks. Simona is affiliated with the Czech National Bank and the Institute of Economic Studies, Charles University.
Aleš Michl has served as Governor of the Czech National Bank since July 2022. He holds a PhD in finance from the University of Economics in Prague. In 2025, he was named Governor of the Year by Central Banking and European Governor of the Year by The Banker.
