Consumers can send and receive instant transfers in all euro zone countries, which are now more secure thanks to the entry into force of a verification system on Thursday.
Under a European regulation adopted in early 2024, banks and other payment service providers were already required since January to allow their customers to receive instant transfers. From Thursday they should also be able to issue them.
No additional costs
These are transfers that can be made at any time, including nights, weekends or holidays, and are completed in seconds. Fees should not be higher than those applied to traditional transfers.
In addition, banks must now reinforce the security of these payments, verifying the match between the beneficiary’s name and their bank details (IBAN). This will help combat fraud and other entry errors.
To comply with these regulations, banks in the euro zone have developed different payment solutions, such as Wero, backed by major French banks, which took over from Paylib in France.
This payments revolution in Europe has not ended since these measures will be extended to countries outside the euro zone, starting in 2027 for instant transfers denominated in the single currency and in 2028 for those made in national currencies.
Source: BFM TV
