Instant, secure bank transfers and above all free of charge for the end user. In February 2024, the European Parliament definitively approved a new regulation aimed at reducing the time and costs of bank transfers. The measure provides that citizens and businesses will no longer have to wait days to receive money by bank transfer. Everything must happen within a maximum of ten seconds, regardless of the day or time they are carried out. Within the same period, the payer must receive confirmation of payment and the beneficiary must see the amount credited to their account. The European Commission estimated that in 2021, only 11% of money transfers in EU countries were immediate. This is despite the fact that instant payments do not require more complex digital infrastructures than those that already exist.
How the new European regulation works
Some banks already offer this service, but often ask the customer to pay a small extra. The new European regulation, however, provides that the cost borne by the end user remains unchanged and is equal to what is requested today for a non-immediate bank transfer. To ensure secure transactions, the new rules require banks and payment service providers (PDPs) to put in place measures to detect and prevent fraud. These mechanisms must above all be used to prevent transfers from ending up in the wrong current account due to errors or attempted fraud. As an additional guarantee, banks will have to give their customers the possibility of setting a maximum amount for instant transfers in euros.
When it comes into force
The European regulation was approved by the European Parliament on February 7 and published in the Official Journal on March 19. To wait for the new rules to come into force, however, you will have to wait until next year. The final text of the provision in fact grants banks a period of time to adapt to the new rules. In Eurozone countries, including Italy, the obligation to receive instant payments will come into force on January 9, 2025. Nine months later, on October 9, 2025, banks will have the obligation not only to receive but also to send instant transfers. .
That's itoctave the episode of the Europe chronicle is made for you. The column is part of EUtopia, an Open project in collaboration with the representation in Italy of the European Commission and the European Parliament.
Video editing by Alessandra Mancini
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