Bizm across Europe: Brussels wants all EU banks to allow instant payments

The European Commission submitted a proposal this Wednesday Force banks to offer their customers the ability to make instant payments in less than ten seconds And on any day of the week across the EU, after verifying that the service is possible through platforms such as Bizum, it represents barely 11% of transfers made in euros each year.

“Money should be able to change hands quickly, with a . Click,, has defended the commissioner of financial services, Mairead McGuinness, who explained that Brussels proposes binding regulations because growth has not happened naturally and “it would take a decade if left in the hands of the market”. Could” that were the immediate payment rules. The details of the proposal should now be discussed between them. European Parliament And twenty-seven before he saw the light.

Instant payment services have penetrated very unevenly in the countries of The European UnionWith a third of countries where even this possibility does not exist and many where fees charged by payment institutions exceed those charged on traditional payments.

thus, Brussels wants to set a cap on commissions that payment servers can charge for suppressing operations in eurosSo that in no case does it exceed the cost of the classic transfer managed by the same entity.

institutions will also be required Ensuring universal availability of instant payments in EurosWith the obligation of payment service providers in the EU that already offer the possibility of transfers in Euros that give way to the inclusion of instant transfers in a closed period.

Another key to promoting instant payments in the view of community services Strengthen the security of these processes to gain customer trustBe it individuals or companies.

For this reason, the new rule would require, for example, that suppliers must check before executing payments. that the Bank Account Number (IBAN) and the Beneficiary Number match to be able to alert the latter in case of error or Danger!,

Finally, the Community proposal seeks to streamline European control procedures Filter names of people who are subject to EU sanctions And hence, their assets in the community area have been frozen. Brussels To this end, it proposes that entities be able to update their customers’ data regarding restrictions at least once a day to avoid wasting time examining this factor in each instant transfer, as it The control will prevent the operation from occurring. in a few moments.

In this sense, the community executive recalls that Only 9.4% of current transfers are rejected And, in 99.8% of cases it is due to the wrong reason.

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