Transfer in 10 seconds without additional costs, the EU revolutionizes the payments sector
The Council of the European Union has given the final green light to a new regulation that promises to transform the way bank transfers are made. The big news is that it will be possible to transfer money within ten seconds, seven days a week, without any surcharge compared to ordinary transfers.
As also reported by Corriere della Serathe regulation, which will become operational 20 days after its publication in the Official Journal, requires banks and other payment service providers to offer instant transfers in euros without applying commissions higher than those of standard transfers. This means that fast transfers will be available to all consumers and businesses in the EU and European Economic Area countries, including Iceland, Norway and Liechtenstein.
The key element of this innovation will be the speed with which transfers will be carried out. With the new regulation, it will be possible to send money in ten seconds, at any time of day or night, within your own country or to any other member state of the EU and the European Economic Area. However, speed will not compromise safety: payment service providers will still have to verify the correspondence between the beneficiary and his IBAN, thus reducing the risk of fraud and errors.
Regarding implementation times, there will be a transitional period. In the Eurozone, consumers will be able to receive instant payments within nine months of the entry into force of the regulationor, while it will take 18 months to send them. However, in the countries of the European Economic Area, this process will take 33 and 39 months respectively. This adaptation period mainly serves to ensure a smooth transition to the new payments system.
The proposed regulation was presented by the European Commission on 26 October 2022, with the intention of amending and updating the 2012 Single Euro Payments Area (SEPA) regulation, including specific provisions for instant credit transfers. The provisional political agreement, obtained through various negotiations between the Commission, the EU Council and the European Parliament, was approved with a large majority during the Strasbourg plenary on 7 February with the aim of promoting a single capital market across the EU, facilitating the flow of investments and savings between Member States.
#Instant #bank #transfer #ten #seconds #final #arrives #Brussels