Instant Payments
Visa wants to make it more secure for seconds
For years it has been technically possible to transfer money from A to B within seconds. Now Europe is driving such real -time payments. A credit card giant wants to ensure more security.
The credit card provider Visa wants to help banks in Germany to recognize possible fraud in the event of a matter of seconds. “We invest in the protection of German payment transactions and also make our AI-supported fraud prevention accessible for real-time transfers,” announced Visa Central Europe boss Albrecht Kiel in Frankfurt. The offer for banks should be available in Germany by the end of 2025.
The potential of the technology for the protection of real -time transfers (Instant Payments) showed a pilot project in Great Britain last year: According to the company, Visa was able to identify 54 percent of fraudulent transactions after they had already passed the banks’ detection systems.
“We have been using artificial debit for card transactions for over 30 years to prevent fraud within milliseconds,” explained Kiel. In recent years, it has been possible to reduce the fraud rate for payments with Visa cards.
EU wants to advance transfers in seconds
Instant Payments mean payments from account to account that are processed around the clock in seconds. With such real -time payments, the recipient can dispose of the amount obtained immediately after sending the payment. So far, the money has mostly only been posted on the next bank working day.
Since January 9, the possibility of real-time transfer in Europe has been advanced. Since then, banks and savings banks have had to credit the recipient account directly regardless of day and hour. Since then, the fees for real -time transfers may not be higher than for conventional transfers.
“In my view, real-time transfers can become a real innovation driver and be the basis for European payment services,” said Federal Board board member Burkhard Balz in February of the German Press Agency in Frankfurt. “From October 9 at the latest, all credit institutions in Europe are obliged to offer their customers real -time transfers. To our knowledge, the preparatory status in the German credit industry is a good one.”
Visa Germany press page
dpa
Source: Stern
