EU accelerates money transfers
European Union (EU) countries have approved a regulation that will allow euro money transfers to be completed within seconds.
AA
The European Union (EU) Council has announced that the regulation on instant payments for euro money transfers has been adopted by member states. Accordingly, with the instant payment system, euro money transfers can be made within 10 seconds, both within the same country and between other EU countries, even outside of business hours.
WILL NOT BE HIGHER THAN STANDARD CREDIT TRANSFER FEES
Payment service providers such as banks will be required to offer the service of sending and receiving euros instantly. The fees these financial institutions charge for the transaction cannot be higher than the fees applied for standard credit transfers.
In this way, while excessive dependence on third-country financial institutions and infrastructures is reduced, the strategic autonomy of the economy and financial sector in Europe will be improved. Currently, money transfers between EU countries can take several days. With the new payment system, it is aimed to increase the competitiveness of European payment companies against US firms Visa and Mastercard.