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The European Parliament has decided that real-time transfers in euros will be mandatory throughout the European Economic Area (EEA). Here are the details.
We’ve all been there: waiting for a transfer to finally arrive in the recipient’s account – often it takes a banking day or even longer. That will soon be a thing of the past. The latest edition of “Let’s talk about money,” the Financial Market Authority’s (FMA) consumer information series, is dedicated to the topic of real-time transfers, also known as instant payments.
Real-time transfers enable money to be transferred from one account to another around the clock, 365 days a year, within a maximum of 10 seconds. While traditional SEPA transfers typically take up to one banking day, real-time transfers are available at any time, including evenings, weekends, and holidays.
The European Parliament has decided that real-time transfers in euros will be mandatory throughout the European Economic Area (EEA) starting in 2025. From January 2025, all banks must be able to receive real-time transfers, and from October 2025, they must also be able to send them. From 2027, the obligation will be gradually extended to payments in other EU currencies.
Consumers will benefit from faster and more secure payments at no additional cost. A new feature is the automatic name-IBAN comparison, which will ensure that the recipient’s name and account number match for every real-time transfer from October 2025 onwards – an effective means of preventing incorrect transfers.
The FMA advises consumers to contact their bank promptly to learn about the new options and settings available in online banking. Real-time transfers make cashless payments more modern, faster, and more transparent – welcome to the future of payment transactions!
- source: heute.at/picture: Image by Pabitra Kaity from Pixabay
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