The trader complains about banks. This time to the Office of Competition and Consumer Protection
Cinkciarz.pl informed about submitting a notification to the Office of Competition and Consumer Protection (UOKiK) regarding banks’ practices. These, according to Cinkciarz, make it difficult or even impossible for the company to use the SWIFT system to handle domestic transfers.
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Cinkciarz.pl argues that the current system of interbank transfers in Poland is outdated and ineffective.
Currently, transferring funds within banking systems in Poland takes much longer than international transactions carried out via SWIFT. For example, pounds sent from foreign banks to Poland are booked within minutes, while transfers between banks in Poland can take many hours.
– we read in the announcement of the Management Board of Cinkciarz.pl
Cinkciarz.pl points to resistance from banks that either refuse to switch to SWIFT communication (including ING, Credit Agricole, Bank Ochrony Środowiska and VeloBank) or deliberately extend the implementation process.
The company demands intervention of the Office of Competition and Consumer Protection and the introduction of regulations that would oblige banks to respond more quickly to applications for the use of SWIFT in domestic transactions. Cinkciarz.pl claims that it has provided the office with complete documentation in this matter.
Introducing SWIFT to handle domestic transfers could bring many benefits, such as:
- shortening the time of transfers,
- increasing the efficiency of transaction processing,
- reducing transaction costs,
- adapting standards to those applicable in international transactions.
