The idea of transfers instantaneous and free has always frightened Italian banks. The examples (more than virtuous and winning) of giants like PayPal have not dissuaded credit institutions from inserting a cheapest payment method and above all faster. We know that the times to receive a transfer, if it is not instant, are 24 hours (if not done on a Friday ... even 72 hours there). But that could change in Europe. Let's see the details.
UPDATE AT THE END OF THE ARTICLE
The European Union wants to give banks a boost, in the style of PayPal and the like: transfers that are always instant and low-cost
On October 26, the European Commission opened an extremely interesting debate. This wants all the countries joining the Union to start working for the inclusion of transfers that are always instant and above all inexpensive. To date, not all banks offer an instant transfer service and those that do, charge for it. The cost is currently around between € 1,50 and € 2 even if, it must be said, if the beneficiary and the sender have the same account, they could make a free instant transfer. But this case concerns the minority of users.
Read also: Mastercard presents Touch Card: contactless payments even for the blind
But back to us, Europe wants banks to change. The SEPA system, established in 2012, has never been changed since then. In the future, however, transactions must always be instantaneous, without this entailing additional costs for the customer. According to market surveys, the high cost of instant transfers makes users give up using the service.
The European Union proposal includes 4 points:
- make instant payments in euros universally available, with the obligation for EU payment service providers who already offer euro credit transfers to also offer their instant version within a defined period
- make it convenient instant euro transfers, with the obligation for payment service providers to ensure that the price charged for instant payments in euro does not exceed the price charged for traditional and non-instant euro transfers
- growing confidence in instant payments, with the obligation for suppliers to verify the correspondence between the bank account number (IBAN) and the name of the payee provided by the payer in order to alert the payer of a possible error or fraud before the payment is made
- eliminating the clutches in processing instant euro payments while maintaining the effectiveness of screening of persons subject to EU sanctions
In short, a beautiful revolution that we will see in the space of a few years. This, in fact, it's just one proposal and many months must pass before it actually becomes law.
SECURITY UPDATE TRAINING
After a year there is news. The European Union, through the Council and the European Parliament, has recently reached up a provisional political agreement regarding a proposed European Commission law that focuses on payments instantaneous. This development marks an important step towards updating existing regulations regarding money transfers.
With the implementation of these new rules, it is expected that European citizens will be able to make money transfers significantly faster, with estimated timing within 10 seconds.
