Europe1 .fr with AFP 3:32 p.m., February 26, 2024
From next year, European banks will be forced to offer an instant payment offer in all countries in the euro zone and at the same price as a traditional transfer.
A project approved by EU member countries, which will allow money to be transferred for free in less than 10 seconds.
The European Union adopted a regulation on Monday which will require banks from next year to offer an instant payment offer in all countries in the euro zone and at the same price as a traditional transfer.
The Council of the EU, which brings together the 27 member states, approved the project already validated by the European Parliament on February 7.
Transfers in less than 10 seconds
The text will force banks to offer individuals and businesses a transfer service in less than 10 seconds, including to other European countries.
This service must be available every day of the year and at all times.
The fees applied, if applicable, should not be higher than those for standard transfers, explained the Council in a press release.
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In many countries, including France, traditional transfers, which require a delay of a day or two, are generally offered free of charge.
Instant transfer services, on the other hand, are very often billed and unavailable for cross-border payments, which slows down their adoption.
In the eurozone, banks will have to provide instant payments under the new regulation no later than 18 months after its planned entry into force by April, i.e. before autumn 2025. In countries that have not adopted the single currency , banks will benefit from an additional period until 2027, and even 2028 for payments from an account denominated in their national currency.