With final approval by the European Parliament, the regulation amending the Single European Payments Area (SEPA) has entered into force: instant transfers without additional fees within 12 months
I European Parliament The new regulations were voted and approved Instant transfersthe result of previous negotiations between the Parliament itself and the European Council which resulted in an agreement at the beginning of November 2023. The new rules are therefore now part of European legislation and, therefore, Member States They must adopt it.
With this new regulation, the European Union continues its path that will lead it to launch the digital euro, and at the same time, it begins to give its citizens access to the digital currency.A credible alternative For payments via the historic US platforms Visa, Mastercard and American Express. However, at the same time, the European Union also imposes precise technical requirements for protection Payment security.
Instant Bank Transfers: What's Changing?
As expected in the November agreement, the EU regulation on Instant transfers within 10 seconds It states that banks must offer their customers this payment option and must not charge more than traditional bank transfers.
Therefore the rules are updated Single European Payments Area (SEPA) It is now effective for bank transfers within Europe, with payment processors required to complete the funds transfer within 10 seconds of it being sent by the payer.
In the same very short period of time, the payer must receive the amount Notice of actual transfer Hence the recipient receives the money.
All this has to happen Free or maximum, Without additional costs Compared to traditional bank transfers. So, if a bank is offering a customer traditional bank transfers for free, it should also offer the customer instant bank transfers for free, whereas if it charges traditional bank transfers X cents, instant transfers should also cost the same amount.
Instant bank transfers: security measures
I Big issue Instant transfers are safety: If the payment occurs within 10 seconds, in fact, the Tricks They are made much simpler because, in practice, the payer does not have the physical time to realize after payment that the recipient is not who he claims.
This is why Europe requires banks to implement specific measures to unambiguously identify the recipient of an instant transfer before completing the payment.
As an additional security measure, banks must allow the payer to set up an account Limit For immediate individual transfer, so that in case Stealing online banking account credentials It is very difficult to empty your account using this payment method.
Finally, to prevent the use of instant transfers to make things easier Money launderingthe European Union requires banks to check whether the payer and recipient of the transfer have already been reported for money laundering or terrorism or whether they are subject to national or international sanctions (for example, if they are Russian citizens residing in Europe).
Instant transfers: upon arrival
It was approved by the European ParliamentThe last step It is necessary to approve the new EU regulation on instant credit transfers. Therefore, the SEPA Rules have now been officially updated with these new features.
It is now up to individuals Member states of the European Union Approval of national laws to adopt the European Regulation within its own legislative system. To do this they have Maximum 12 monthsTherefore, by February 2025, 10-second transfers should be equivalent to traditional transfers.
Bank transfer vs credit card
If instant bank transfers become free or nearly free in the future, they could be an excellent solution An alternative to credit cards For online payments. As all the major global payment platforms weObviously, free (or very low cost) instant bank transfer is also a form of… Economic and financial sovereignty Europe compared to the United States.
It is also a measure of this Protects privacy From European citizens, since payment data does not pass through international circuits (eg Server) in the United States of America.
These circles should suffer Cafe attackFurthermore, instant transfers operated by European banks in Europe would remain immune to attack.
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