EU Parliament gives the green light for instant transfers

EU Parliament gives the green light for instant transfers

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Accordingly, banks and other payment services that offer standard transfers in euros must also offer instant transfers in euros in the future. If fees are due for this, they must not be higher than the fees for normal transfers. Negotiators from Parliament and the EU states had already agreed on the project in November, and Parliament has now formally confirmed the agreement. The EU countries also still have to formally agree. After the new rules come into force, Member States have 12 months to implement them.

Amount to the recipient’s account within 10 seconds

Parliament announced that the transferred money should reach the recipient’s account within ten seconds, regardless of the time of day. The client should also be informed within ten seconds whether the transferred contribution has reached the recipient. Service providers should also offer their customers free, immediate verification of the recipient’s identity in order to avoid transfers due to errors or fraud.

“This allows people to protect themselves from fraud so that they don’t send their hard savings to fraudulent companies or fake grandchildren,” said the co-leader of the Left Party’s parliamentary group, Martin Schirdewan. At the same time, he criticized that the EU is lagging behind in the supervision and regulation of digital financial products.

  • From the archive: The digital euro: Europe’s search for digital connection (OÖNplus)

“A turning point in payment transactions”

The Christian Democratic EPP group described the new regulation as a turning point in payment transactions. “The legislature has consciously decided on a solution that is as consumer-friendly as possible,” said German MEP Markus Ferber (CSU). Banks could no longer offer instant transfers as a premium service and charge extra costs.

The financial policy spokesman for the European SPD, Joachim Schuster, explained that the new regulation strengthens the availability and security of the payment method for citizens and at the same time reduces dependencies on non-European payment systems.

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