{
 "jurisdiction_id": "RO",
 "jurisdiction": "Romania",
 "url": "https://payments.gi/jurisdictions/romania/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 59,
  "source_register": 95
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/romania/#w1a-licensing-authorisation-market-access",
   "standing_position": "Romania continues to run PSD2/EMD2 under Law 209/2019, supervised by the BNR, with DORA and the Instant Payments Regulation in force; PSD3/PSR final compromise texts published 23 April 2026 with formal adoption expected during 2026; the BNR granted new payment-institution licences to Netopia Payments (13 July 2026) and EuPlatesc this cycle.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Law 209/2019 (PSD2 transposition) + NBR Regulation No. 4/2019",
     "source": "https://www.bnr.ro/Regulation-on-Payment-institutions-9472-Mobile.aspx",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PI authorisation requirements",
     "source": "https://www.nndkp.ro/articles/bank-finance-and-regulation-guide/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Law 210/2019 (EMD2) + OUG 99/2006 (banking)",
     "source": "https://vlolawfirm.com/tpost/romania-banking-finance",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PI authorisation in practice",
     "source": "https://blog.unchainfestival.com/fintech-tour-romania-banking-market-consolidation-and-the-rise-of-fintech/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PSD3/PSR (pending)",
     "source": "https://financialregulations.eu/blog/psd3-psr-eu-payment-services-guide",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Conduct and safeguarding for Romanian PIs/EMIs follow PSD2/EMD2 as transposed by Laws 209/2019 and 210/2019, supervised by the BNR. Safeguarding rests on Article 10 PSD2-style segregation (separate account at a credit institution or low-risk liquid assets, or insurance/guarantee). EMIs carry EUR 350,000 minimum initial capital. PSD3 will preserve safeguarding structurally while adding a central-bank-account safeguarding option and EBA RTS.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "EMI capital + register",
     "source": "https://www.nndkp.ro/articles/bank-finance-and-regulation-guide/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Safeguarding (Article 10 PSD2)",
     "source": "https://www.eba.europa.eu/single-rule-book-qa/qna/view/publicId/2024_7165",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PSD3 safeguarding changes (pending)",
     "source": "https://www.ey.com/en_be/technical/financial-services/financial-services-alerts/psd3-impacts-on-payment-and-electronic-money-institutions-get-ready",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Conduct of business / EEA passport",
     "source": "https://www.nndkp.ro/articles/bank-finance-and-regulation-guide/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Assessed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/romania/#w2-stablecoins-digital-money",
   "standing_position": "Romania transposed MiCA (Regulation EU 2023/1114) via Emergency Ordinance 10/2025, in force 13 March 2025. ASF authorises CASPs, ARTs and other-crypto white papers; BNR supervises EMT issuance by credit institutions and EMIs. The MiCA transitional regime ends 1 July 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "MiCA (Regulation EU 2023/1114) — EMT/ART competence split",
     "source": "https://practiceguides.chambers.com/practice-guides/blockchain-crypto-assets-2026/romania/trends-and-developments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "MiCA national implementation (draft GEO, May 2025)",
     "source": "https://bmalegal.ro/romanias-new-crypto-regulation-under-mica-compliance-licensing/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "MiCA transitional regime end-date",
     "source": "https://practiceguides.chambers.com/practice-guides/blockchain-crypto-assets-2026/romania/trends-and-developments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Digital RON / CBDC pilot",
     "source": "https://practiceguides.chambers.com/practice-guides/blockchain-2025/romania",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience is governed by EU DORA (Regulation 2022/2554), in application since 17 January 2025, supplemented nationally by Emergency Ordinance No. 14/2026 designating the BNR and ASF as competent authorities (with DNSC involvement). DORA imposes ICT risk-management, incident-reporting, resilience-testing and third-party-oversight obligations on banks, PIs, EMIs and CASPs; Romania was among member states subject to a DORA-Directive transposition infringement notice in March 2025.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "DORA (Regulation EU 2022/2554)",
     "source": "https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_en",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Emergency Ordinance No. 14/2026 (national DORA implementation)",
     "source": "https://practiceguides.chambers.com/practice-guides/blockchain-crypto-assets-2026/romania/trends-and-developments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "DORA Directive transposition (infringement)",
     "source": "https://www.dlapiper.com/en/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BNR Financial Stability Report (cyber risk)",
     "source": "https://www.bnr.ro/uploads/2025-06raportasuprastabilit%C4%83%C8%9Biifinanciare-iunie2025_documentpdf_545_1751529449.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w4-scheme-network-compliance",
   "standing_position": "Card-scheme compliance in Romania runs on EU rails: the Interchange Fee Regulation (EU 2015/751) caps debit at 0.2% and credit at 0.3%, Visa and Mastercard dominate, and PCI DSS plus PSD2 SCA/3DS apply. Mastercard publishes Romania intra-location interchange rates. From January 2026 a national fiscal mandate requires all active businesses to accept electronic payments, broadening scheme acceptance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Interchange Fee Regulation (EU 2015/751)",
     "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015R0751",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Mastercard intra-location interchange (Romania)",
     "source": "https://www.mastercard.com/europe/en/business/support/merchant-interchange-rates.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Scheme brands + SCA/3DS",
     "source": "https://payatlas.com/countries/romania-ro",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Surcharging restriction",
     "source": "https://www.swlaw.edu/sites/default/files/2025-08/Article%205%20-%20Vihuto.pdf",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w5-payment-corridor-dynamics",
   "standing_position": "Romania is a SEPA member that adopted SEPA standards (SCT and SCT Inst) even for domestic RON payments. Domestic instant payments run on TRANSFOND's SENT ACH (Plăți Instant, launched 2019), with ReGIS as the RON RTGS and a TARGET2/T2 component for EUR; the SCT Inst scheme uses ISO 20022. Romania extended Regulation 924/2009 equal-charges to its national currency. Principal cross-border corridors (DE, UK post-Brexit, India) rely on SEPA for EUR and correspondent banking otherwise.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "SEPA SCT / SCT Inst (domestic adoption)",
     "source": "https://www.europeanpaymentscouncil.eu/news-insights/insight/instant-payments-romania-engine-development-payments-sector",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "SENT / TRANSFOND instant rails",
     "source": "https://www.lightspark.com/knowledge/instant-payments-romania",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Regulation (EC) 924/2009 extension",
     "source": "https://finance.ec.europa.eu/consumer-finance-and-payments/payment-services/single-euro-payments-area-sepa_en",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Instant Payments Regulation (EU 2024/886)",
     "source": "https://www.ecb.europa.eu/paym/retail/instant_payments/html/instant_payments_regulation.en.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Cross-border corridors",
     "source": "https://www.lightspark.com/knowledge/instant-payments-romania",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Romania's PSP market blends incumbent banks (Banca Transilvania — largest in SE Europe, BCR, BRD-SocGen, Raiffeisen, ING, CEC Bank) with fintech processors (Netopia/MobilPay, PayU Romania, euplatesc, plus Stripe/Adyen) and neobanks (Salt Bank, Revolut). The banking sector is consolidating (BT/OTP, UniCredit/Alpha, Intesa/First Bank). Card-accepting infrastructure (~260,000 terminals) still lags fast-growing digital demand; cash remains significant in e-commerce.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Market participants",
     "source": "https://thepaypers.com/payments/expert-views/romania-2025-analysis-of-payments-and-ecommerce-trends",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Acquiring concentration",
     "source": "https://www.romania-insider.com/romanias-digital-payments-growth-outpacing-merchant-infrastructure",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Banking consolidation + neobanks",
     "source": "https://thepaypers.com/payments/expert-views/romania-2025-analysis-of-payments-and-ecommerce-trends",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Cash displacement metrics",
     "source": "https://www.romania-insider.com/romanias-digital-payments-growth-outpacing-merchant-infrastructure",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w7-legal-litigation",
   "standing_position": "Payments-adjacent enforcement is shaped by the BNR (prudential/AML sanctions), the ANPC (consumer), and the Competition Council. A landmark 2026 matter is the Competition Council's record RON 3.73 billion (EUR 710 million) fine against the ten largest banks over alleged ROBOR interbank-rate collusion, prompting BNR pushback and potential borrower-compensation legislation and lawsuits. AML/sanctions enforcement runs through Law 129/2019 and GEO 202/2008.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Competition Council ROBOR fine",
     "source": "https://www.romania-insider.com/bnr-clarification-banks-fine-june-2026",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "AML sanctions regime (Law 129/2019)",
     "source": "https://iclg.com/practice-areas/anti-money-laundering-laws-and-regulations/romania",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BNR supervisory enforcement",
     "source": "https://vlolawfirm.com/tpost/romania-banking-finance",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring is offered by bank acquirers (Banca Transilvania Merchant Services, BRD, Raiffeisen, UniCredit, ING) and fintech gateways/aggregators (Netopia/MobilPay, PayU Romania, plus Adyen/Stripe). Onboarding is PSD2/SCA- and GDPR-compliant; chargeback/dispute handling runs on Visa/Mastercard scheme rules. High-risk verticals (gaming, crypto) expand cautiously. A January 2026 fiscal mandate to accept electronic payments is widening the acquiring base toward the SME long tail.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Bank + fintech acquirers",
     "source": "https://www.quora.com/What-are-the-available-payment-gateways-in-Romania",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Acquiring market structure / risk",
     "source": "https://payatlas.com/countries/romania-ro",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Acquiring add-ons / dispute mechanics",
     "source": "https://www.romania-insider.com/romanias-digital-payments-growth-outpacing-merchant-infrastructure",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Electronic-payment acceptance mandate (Jan 2026)",
     "source": "https://therecursive.com/romanian-fintech-sector-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w9-product-innovation-market-development",
   "standing_position": "Innovation centres on instant-payment products (RoPay on SENT, AliasPay proxy, SANB/Confirmation of Payee), open banking under PSD2, and a Digital RON CBDC pilot within the ECB programme. RoPay (launched 2023, developed by TRANSFOND with the Romanian Banking Association) enables card-free bank-to-bank mobile payments; BT/Visa achieved first EU Digital Identity Wallet card payments in July 2025. ASF and BNR run FinTech innovation hubs but no broad domestic sandbox.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "RoPay instant mobile payments",
     "source": "https://www.ropay.ro/en/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RoPay rollout",
     "source": "https://noda.live/articles/what-is-ropay",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Innovation hubs (no broad sandbox)",
     "source": "https://practiceguides.chambers.com/practice-guides/blockchain-crypto-assets-2026/romania/trends-and-developments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "EU Digital Identity Wallet payments",
     "source": "https://www.globenewswire.com/news-release/2026/05/12/3293198/28124/en/Romania-Cards-and-Payments-Market-Report-2026-Key-Opportunities-and-Risk-Analysis-to-2030.html",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer protection rests on EU-aligned rules enforced by the ANPC (Autoritatea Națională pentru Protecția Consumatorilor) under GO 21/1992 and sectoral orders, with the ASF supervising financial-services consumers and ECC Romania handling cross-border EU complaints. There is no UK-style mandatory APP-fraud reimbursement scheme; fraud-prevention relies on PSD2 SCA, the IPR Confirmation-of-Payee/IBAN-name verification (from October 2025) and SANB. The incoming CCD2 (transposition due Nov 2025) strengthens consumer-credit disclosure.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "ANPC consumer-protection regime (GO 21/1992)",
     "source": "https://iclg.com/practice-areas/consumer-protection-laws-and-regulations/romania/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Complaints route + ASF financial-services oversight",
     "source": "https://www.lawgratis.com/blog-detail/consumer-law-romania",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "IPR IBAN-name verification (anti-fraud)",
     "source": "https://treasuryxl.com/blog/instant-payments-regulation-and-dora-entering-into-force/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Consumer Credit Directive (CCD2)",
     "source": "https://blog.voveid.com/romania-digital-lending-compliance-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w11-aml-cft-financial-crime",
   "standing_position": "[SENTINEL.GI position carried, not original FIM analysis] Romania's AML/CFT regime is Law 129/2019 (transposing 4AMLD/5AMLD), recently modernised by Law 86/2025 (in force 26 May 2025) responding to the 2023 MONEYVAL 5th-round MER and AMLD6/EU AML package. The ONPCSB is the FIU; BNR, ASF and ONJN are sectoral supervisors. A National AML/CFT Strategy 2025-2030 is in train. Romania sits in MONEYVAL enhanced follow-up (re-ratings May 2025).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "National AML/CFT Strategy 2025-2030",
     "source": "sentinel://www.amcham.ro/business-intelligence/romania-takes-the-offensive-against-financial-crime-the-national-amlcft-2025-2030-strategy",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Romania's AML/CFT regime rests on Law 129/2019 (transposing EU AMLD4/5), with NOPCML/ONPCSB as FIU, NBR and FSA as prudential AML/CFT supervisors, and ONRC operating the beneficial ownership register. MONEYVAL's 2023 MER rated regulation/supervision of financial institutions (R.26) non-compliant and beneficial ownership of legal arrangements (R.25) partially compliant, with a March 2026 follow-up noting only partial progress.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Romania",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: EU listing",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-001)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Gap: capacity-deficit",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: Romanian anti-corruption prosecutors / Court of Accounts — ONRC (National Trade Registry Office) EUR 38 million IT platform contract",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Gap: legal-gap",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w12-correspondent-banking-settlement-access",
   "standing_position": "Romania remains outside the eurozone (leu/RON), with no fixed euro-adoption date (ERM II ~2026-2027, euro ~2029-2030 working assumptions). Settlement runs on ReGIS (RON RTGS) and a TARGET2/T2 component for EUR; the BNR provides final settlement. Non-bank PSPs can access Eurosystem-operated systems/central-bank accounts from June 2025 under ECB Decision 2025/222 following the IPR's SFD amendment. Cross-currency remittances rely on correspondent banking.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Euro adoption / ERM II status",
     "source": "https://en.wikipedia.org/wiki/Romania_and_the_euro",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ReGIS / TARGET2 settlement",
     "source": "https://www.europeanpaymentscouncil.eu/news-insights/insight/instant-payments-romania-engine-development-payments-sector",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ECB Decision (EU) 2025/222 — non-bank PSP access",
     "source": "https://eur-lex.europa.eu/EN/legal-content/summary/trans-european-automated-real-time-gross-settlement-express-transfer-system-target.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Sanctions / asset-freezing competent authorities",
     "source": "https://ezine.eversheds-sutherland.com/global-sanctions-guide/romania",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/romania/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month Romanian commercial activity is dominated by banking consolidation (UniCredit/Alpha Bank România completed; BT/OTP; Intesa/First Bank) and selective fintech funding rounds (FintechOS, Finqware, Instant Factoring's EUR 30m). The fintech sector is maturing (turnover ~EUR 65m by 2024-2025) but concentrated. A planned third state-owned bank (Banca de Dezvoltare a României) is in train.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "M&A — bank acquisition (event_date ~2025/early 2026)",
     "source": "https://www.fintechfutures.com/keyword/romania",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Funding round (event_date 2025-11-05)",
     "source": "https://tracxn.com/d/geographies/romania/__MqqTYQpms3Zdt99rMUzg_KkTQA1mFW2ar9Q09kMhT5s",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Sector size / structure",
     "source": "https://therecursive.com/romanian-fintech-sector-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "State-owned bank development",
     "source": "https://blog.unchainfestival.com/fintech-tour-romania-banking-market-consolidation-and-the-rise-of-fintech/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}