EU Parliament Accelerates Banking: Instant Transfers Now a Reality

EU Parliament Accelerates Banking: Instant Transfers Now a Reality
EU Parliament Accelerates Banking: Instant Transfers Now a Reality


We end the week in FinTech with interesting Payments news from Europe: The European Parliament has passed a regulation mandating that funds must be transferred to EU retail and business bank accounts within ten seconds.

This move, part of an update to the Single Euro Payments Area (Sepa) rules agreed last November, aims to speed up transactions for retail clients and SMEs, ensuring immediacy and enhanced security.

Banks and payment service providers (PSPs) are required to process credit transfers promptly and at reasonable costs.

The regulation applies at any time, with a transition period for non-euro member states, although exceptions outside business hours are considered for liquidity concerns.

To combat fraud, PSPs must implement advanced fraud detection systems and offer identity verification services without extra fees. They should also enable clients to set limits on instant transactions to prevent fraud, with compensation available for failures in fraud prevention.

Additionally, PSPs must screen clients for sanctions related to money laundering and terrorism financing. Fees for instant transfers cannot exceed those for standard transfers.

The legislation was overwhelmingly approved and will be implemented within 12 months after its publication, signifying a major step towards faster and safer financial transactions in the EU.

Read more global FinTech industry updates below, and I'll be back in your inbox on Monday!




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