Say Goodbye to Instant Bank Transfers from 2025. Here’s What Will Change

Getting started By 2025The European Union will enter a radical transformation in the world. Digital Payments:toCancel instant transfers as a separate serviceThis means that every transfer made within European Economic Area It will be completed in a maximum of ten seconds, at no additional cost to users. This revolution in banking payments is made possible thanks to a The new regulation was approved in February 2024.It aims to simplify financial transactions, making them faster, safer and more accessible to everyone.

But what are the tangible implications for consumers and banks? Let’s look at this in more detail.

Instant Bank Transfers for Everyone: How the Rules Will Change

As of January 2025, I am Instant bank transfers will become the norm in Europe.

Thanks to the new European regulation, every money transfer must be completed within 10 seconds, 7 days a week, 24 hours a day.

It will no longer be a premium option reserved for those who can afford the extra costs: Every bank transfer will be instant. And without additional fees.

This change represents End of instant transfers as a separate serviceeliminating inequality among users who have so far paid for transaction speed.

Furthermore, the new rules will ensure that greater securityBanks will have to implement advanced systems to prevent fraud and errors, such as mandatory verification of correspondence between the International Bank Account Number (IBAN) and the beneficiary’s name.

The EU Regulation provides a harmonised framework for instant credit transfers in euros, amending Regulation (EU) No. 260/2012 on the Single European Payments Area (“SEPA”) and Regulation (EU) 2021/1230 on cross-border payments in the Union. the Banks will have until January 9, 2025. To adapt to these new regulations to receive instant payments, Until October 9, 2025 to start sending instant transfersThese changes will provide consumers with a smoother, more secure and cost-effective banking experience, leading to more benefits. Financial inclusion across Europe.

Impact on the banking system and consumers: what to expect

Unification Instant transfers It will have a major impact on both consumers and banks.

For consumers, this will mean instant access to funds and an end to waiting for funds to become available, which can be transferred in real time, even during weekends and holidays.

Small and medium-sized businesses will benefit greatly, as they will be able to manage their cash flows more efficiently.

but, Banks will face major challenges.Adapting to new standards will require investments in: Advanced Technologies And review business models, as the loss of instant transfer fees could reduce profit margins. It will be important for consumers to monitor any increases in other banking costs, as banks may seek to recoup losses.

In conclusion, the abolition of instant transfers as a separate service and the introduction of instant money transfers globally represents a crucial step towardsUnification of the European banking systemWhile this transition will present challenges, especially for banks, the benefits in terms of speed, security and accessibility are clear. As 2025 approaches, it will be imperative that everyone, from financial institutions to consumers, is adequately prepared to make the most of the benefits of this new payment system.