The European Commission presented this Wednesday A proposal to force banks across the European Union to offer their customers instant payments in less than ten seconds and any day of the week. After confirming that this service, available through platforms like Bizum, represents only 11% of transfers in euros each year.
“Money should be able to change hands quickly with a click.“, argued Financial Services Commissioner Mairead McGuinness, who explained that Brussels has introduced binding rules because evolution does not happen naturally and “could take ten years if left in the hands of the market” norm. The details of the proposal will need to be negotiated between the European Parliament and the 27th before it sees the light.
instant payment services They penetrated the countries of the European Union very sporadicallyWith a third of countries where this possibility is not available, and a few countries where fees charged by payment institutions exceed those charged to traditional payments.
commission cap
That’s why Brussels if you want to set an upper limit in euros on the commissions the payment provider can charge for printing the transaction, thus in no case can it be higher than the cost of a conventional transfer managed by the same organisation.
Institutions also offer and offer payment service providers in the European Union.To the possibility of transfer in euros, which opens the way to include the moment in a closed maturity.
Another key to promoting instant payments in the eyes of community services is: strengthen the security of these processes to gain the trust of customers, whether individuals or companies.
Therefore, the new norm, for example, suppliers should check that the bank account number (IBAN) and beneficiary number match before making the payment. be able to warn the latter in case of error or fraud.
Finally, heThe Community proposal seeks to streamline European control procedures to filter the names of persons subject to sanctions from the European Union. and therefore, they freeze their presence on community territory. To this end, Brussels recommends that in order not to have to waste time checking this factor with each instant transfer, organizations should be able to update the data of their customers regarding sanctions at least once a day, as this check will hinder the execution of the transaction. in seconds.
In this senseThe Community Manager reminds us that only 9.4% of current transfers are denied, and in 99.8% of cases, it’s for the wrong reason.