BRUSSELS, Belgium—New legislation is being proposed by the European Commission to make instant payments in euros universally available for individuals and businesses with a bank account in the EU and EEA countries.
The Commission said its new proposal is designed to “ensure that instant payments in euros are affordable, secure, and processed without hindrance across the EU,” according to Fintech Futures.
“Instant payments allow people to transfer money at any time of any day within ten seconds. This is much faster compared to traditional credit transfers, which are received by payment service providers only during business hours and arrive at the payee’s account only by the following business day, which could take up to three calendar days,” the Commission said, Fintech Futures reported.
The Commission added that only 11% of all euro credit transfers in the E.U. were instant as of the start of 2022. “This proposal aims to remove the barriers that prevent instant payments and their benefits to become more widespread,” the Commission said.
Mandatory Move
The new proposal will make it mandatory for E.U. payment service providers that already offer credit transfers in euros to offer instant payments, Fintech Futures stated, adding that firms must also ensure the service is not more expensive than standard transfers.
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