The European Parliament has adopted new regulations thanks to which transfers in euro within the EU will be made quickly and the money will immediately be transferred to the recipient’s account.
European parliament took up the regulations regarding transfer speeds. As he informs RepublicFebruary 7, 2024 passed updating the rules of the Single Euro Payments Areathanks to which you will no longer have to wait long for a transfer in this European currency.
In accordance with the adopted regulations, regardless of the day or hour, the money will have to reach the recipient’s account within 10 seconds. Also within 10 seconds the sender of a euro transfer will have to receive ifeedback whether the transfer sent by him has reached the recipient.
The Instant Payments Regulation marks the long-awaited modernization of payments within the European single market. Let’s say goodbye to the inconvenience of waiting two or three business days to access your funds. We deliver something that people and businesses really care about: transferring money in 10 seconds at any time of the day.
– said Michiel Hoogeveen, European Parliament (via www.rp.pl)
The rules described above will apply to European Union countries where the national currency is the euro. For other countries, a derogation is provided for outside working hours. However, here too, the rules on instant transfers in euro will have to apply to accounts offering regular transactions in the common currency.
What about instant security? Here, many responsibilities will be on the part of payment service providers, who should have the appropriate ones mechanisms to detect and prevent fraud.
For this purpose they should provide the recipient’s identity verification service immediately and without any additional fees. Additional security is to be possible setting and changing the maximum amount for instant transfers in euro.
Customers will receive compensation for delays
When the payment service provider fails to fulfill its obligations, the customer will be able to claim compensation. Additionally, it will be necessary to check whether any of the clients of the entity offering instant euro transfers is not subject to restrictions related to the prevention of terrorist financing or money laundering.
The regulations adopted by the European Parliament will enter into force 20 days after publication in the Official Journal of the EU. From then on, Member States will have 12 months to implement new rules for instant transfers in euro.
It is worth mentioning on this occasion that the fee for an immediate transfer in euro cannot be higher than for its slower counterpart.