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Transfer in seconds: the EU Parliament gives the green light

Transfer in seconds: the EU Parliament gives the green light

EU-wide bank transfers within seconds won't cost anything extra. The European Union Parliament in Strasbourg has now introduced a corresponding regulation. Individual member states must still formally agree and then have 12 months to implement it.

The EU Parliament has paved the way for immediate EU-wide transfers without additional costs. Representatives adopted a similar regulation in Strasbourg. Accordingly, banks and other payment services that offer standard transfers in euros should also offer instant transfers in euros in the future. If fees are due, they must not be higher than normal transfer fees.

In your account within ten seconds

Parliament said that transferred funds must reach the recipient's account within ten seconds, regardless of the time of day. The customer must also be informed within ten seconds whether the transferred contribution has reached the recipient.

Service providers must also offer their customers free and instant verification of the recipient's identity to avoid transfers due to errors or fraud.

Member states have 12 months to implement it

Negotiators from Parliament and EU countries had already agreed on the project in November, and Parliament has now officially confirmed the agreement. EU countries also still have to formally agree. After the new rules enter into force, member states will have 12 months to implement them.

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