Instant bank transfers are also on the rise in Italy, but there are still a number of issues to be resolved at the banking level, including costs and processing times. The new EU rules will come into force in January, bringing great news for customers of all banks in Europe. Let’s see what changes.
Instant bank transfers are on the rise.
Instant bank transfers are on the rise in Europe. Italy They now represent 10% of Bank transfer yesterdaywith an increasing trend. This was stated by the Deputy General Director of the Bank of Italy, Chiara Scotti, in her speech, during the focus session on the tips of the Advisory Group on Market Infrastructure for Payments, which was held at the Milan branch of Banktalia.
Instant bank transfers, in Euros, are Transfers are made instantly, 24 hours a day and any day. Calendar, which allows you to deposit money into the beneficiary’s account. 10 seconds. In the Sepa region, the volume of immediate transfers among total transfers increased from 12% in June 2022 to about 19% in June 2024. In Italy, over the same time period, it went from 4% to 10%.
Scotty specifically referred to this issue. Swedenwhere the percentage also approaches. 40%. The main reason for these differences, in all likelihood, he points out, is the introduction of the instant payment instrument in the Scandinavian countries in early 2012, about 5 years before the birth of the instant scheme in the Sepa region.
“Therefore, it is reasonable to assume that the availability of instant payment instrument is able to guide the preferences of citizens and businesses and that the spread of instant transfers in Cepa will also follow a growing trend in the coming years”.
What are the problems today?
Europe has been working for some time to create an integrated market for instant bank transfers in euros: to do this, however, it is important that banking operations respect the same rules and requirements in all member states.
Brussels is the goal. Pay instantly without incurring additional costs or charges. Compared to normal bank transfers, with the possibility that users can always set a maximum amount for instant payments, and with up-to-date measures to detect fraud and verify the identity of the recipient, Can guarantee safety.
Availability 24 hours a day and every day of the year is an intrinsic feature of this type of transfer. All payment service providers, so-called PSPs, who offer transfers to their customers – so-called payment service users or PSUs – must offer the PSUs, i.e. their customers, the possibility to make instant transfers, which But should be done without action. Delay and Account Currency Within 10 Seconds: The payee should receive instant transfer confirmation within 10 seconds.
However, unfortunately, it happens that, until today, it is not so easy to make a quick transfer, or because some banks make it available. Service only on certain days or timesor because it is sometimes the case that procedures are invoked. ConfirmationThrough the IO app or other systems, speed is therefore no longer guaranteed, and many customers give up and opt for the old normal bank transfer. Or because, the surcharge for instant payment is high: it ranges from 60 cents to 2.30 euros depending on the bank.
What changes from January 2025
However, this deterioration should end from January. gave January 9, 2025 Indeed, the European Regulation 886/2024 on instant bank transfers is in force, introducing important innovations.
among all, There will be no more time limit And so we will all be able to make instant payments from our home banking anytime, 24 hours a day, 7 days a week, even on Saturdays, Sundays and summer holidays.
Another news, expenses: The cost of quick transfer will be the same as normal people.. So no more different add-ons implemented in different ways. In order to prevent any increase by banks and “smart” moves in the bid, moreover, the European Commission has announced that Retroactive surveillance system.
Also pay attention to payment limits. gave The maximum limit for instant transfers is 100 thousand euros.. However, to make things safer, both banks themselves and customers can do it. Opt for low ceilings..
The risk of scams is increasing.
One aspect is important to keep in mind. It is not possible to cancel the instant transfer.which makes us more prone to error. And possibly scams.
The rapid increase in bank transfers also brings with it an increase in potential scams. Deputy Commissioner Lisa Di Berardino, Head of the Judicial Police Section of the Prosecutor’s Office at Milan Court and a super expert on cyber fraud, also spoke about this a few weeks ago at the presentation of the ING Anti-Fraud Button.
He said that if all banks convert normal bank transfers to instant, it will become really difficult to protect citizens from online fraud. “In fact, it will be more difficult for potential fraudsters to intercept suspicious payments”, which is why “a cooling period is necessary, a period of suspension of remittances that allows the relevant anti-fraud departments. Proper checks Do and possibly withhold payment whenever possible.”
Which countries can you transfer from?
The countries that can make and receive instant transfers are those that belong to the so-called Sepa-Single Euro Payments Area: this is precisely a single area in which transactions in euros are carried out according to uniform standards. ‘Sepa area Including today 38 countries:
- 26 EU countries, including countries that have not adopted the euro as a single currency but use it for payments.
- 3 countries that join the European Economic Area: Iceland, Norway and Liechtenstein
- 9 non-EU countries that pay in euros: United Kingdom, Switzerland, Principality of Monaco, San Marino, Guernsey, Jersey, Isle of Man, Principality of Andorra and Vatican City.
A bank located in a European Member State whose currency is not the euro is not required to offer its customers the payment service of sending instant bank transfers in euros exceeding a limit of 25 thousand euros per operation, from payment accounts denominated in the national currency. is called Member State, during the period in which it does not send or receive non-immediate Eurotransfer transactions in respect of those payment accounts. Competent authorities may grant advance permission for a period of 1 year on the request of the bank. Upon request, this period may be extended for a further 1 year following a new assessment by the authorities responsible for euro liquidity.
