Every second, on average, about 30 money operations are carried out through Bizum. The success of this payment system is, without a doubt, the speed with which the money moves from one account to another, a record time that has made it the ideal system for making small payments and that has taken away the importance of traditional payments. bank transfers in which you have to pay a fee if you want it to be immediate. However, the popularity of Bizum may be affected due to the new regulations of the European Union which requires that the money transfer be done for free and in less than 10 seconds.
From the European Parliament They seek to transfer the improvements of this system to other countries in the European Union. It’s not that they are going to implement Bizumbut its advantages. The organization has approved an update to the payment rules of the single euro payments area, SEPA, which will oblige entities to offer free transfers that reach their destination in less than 10 seconds.
What transfers has the European Parliament approved
The text, which can be consulted at this linkupdates payment rules regarding transfers and immediate payments.
On the one hand, it establishes that make immediate transfers at any time of the day and that the money must reach the destination account within 10 seconds.
Furthermore, the entity will have to inform the payer at that time whether the transferred funds are already available to the recipient.
On the other hand, it also establishes that payment providers will not be able apply higher commissions to immediate payments in euros. The cost should be the same as with a transaction that is not immediate.
This system will be implemented in all countries of the European Union (EU)both those that use the euro and those that do not, although they will study a longer period for the latter due to possible problems in accessing liquidity in euros.
When will the new transfer deadlines come into effect?
He regulatory changeapproved with 599 votes in favor, 7 against and 35 abstentions, will enter into force 20 days after its publication in the Official Journal of the EU.
From that moment on, entities within the zone will have 9 months to receive instant transfers in euros and 18 months to issue them.
Additional security measures in banking transactions
The update of payment regulations also includes security changes to prevent fraud and power correct errors if you made a mistake when sending the money, one of the weak points of Bizum, for example. And the thing is, a transfer that takes 2 to 7 days to arrive is easier to cancel than an instant one.
To avoid these situations, they must count at no additional cost with an identity verification service of the recipient, that is, to whom the money is sent.
To this are added other additional security measures such as allowing a general maximum amount to be established for instant transfers in euros. Additionally, this limit must be easily modified for new transfers.
Sanctions and penalties for banks
The text provides for the option of sue the entities that do not comply with fraud prevention standards, provided that this entails some economic damage to the user. In these cases, the client may request financial compensation.
Finally, the European Parliament leaves it up to payment service providers to verify whether customers are subject to sanctions or other restrictive measures related to money laundering or terrorist financing.
The objective is that the system be easy to use and avoid errors that have already been detected with the systems in operation. What the European Parliament ultimately seeks is to facilitate transfers between member states to improve the circulation of capital.
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