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The EU has decided: instant credit transfers will be a reality within 12 months. Zero additional costs

We have already talked of instant bank transfers in Italy and Europe last year, predicting that 2024 would be the decisive year. The European Parliament has approved a regulation that obliges member countries to adopt this type of transfer within 12 months, ensuring users of the service a zero cost and an immediate transaction (as the word says). within 10 seconds. Here are all the news.

News for instant bank transfers: approval from the European Parliament arrives

Europe is preparing to make a qualitative leap in the banking sector with the introduction of a regulation that will change the face of bank transfers. Within a year, every European citizen will be able to benefit from transactions snapshots without Costs additional, a move that promises to revolutionize the way we manage money. Currently, instant transfers cost more (up to €10 for some credit institutions) than traditional ones. Some, however, plan not to charge it if the beneficiary has an account with the same institution.

With the approval of this regulation, the transfers will arrive in time real. The money will be transferred to the beneficiary's account in just ten seconds, regardless of the time of day or day of the week. We all know how tragic it is when a transfer is made on a public holiday or on a Friday after 17.00pm. With this new regulation, this problem will no longer arise.

Woman using mobile phone app to authenticate instant bank transfer on laptop

Equal economic treatment between instant and traditional bank transfers is a pillar of this reform. Banks will not be able to apply higher rates for instant transfers than those for standard transactions, thus ensuring equity and accessibility.

To address the risk of fraud, the new regulation requires banks to adopt more stringent preventive measures. Financial institutions will have to offer a free service for verifying the identity of recipients, as well as allowing customers to set a maximum limit for instant transactions.

In case of non-compliance with anti-fraud rules, consumers will have the right to request compensation, further strengthening user protection in the European banking landscape. Member States will have one year to adapt to these provisions. In this scenario, some significant implications emerge: the potential reduction in the use of cash and the impulse towards one more advanced digitalisation of the banking system.

Gianluca Cobucci
Gianluca Cobucci

Passionate about code, languages ​​and languages, man-machine interfaces. All that is technological evolution is of interest to me. I try to divulge my passion with the utmost clarity, relying on reliable sources and not "on the first pass".

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