BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Sending money across the euro area will be faster and safer than ever, thanks to new EU rules on instant payments. People and businesses can now transfer money in euro within seconds, anytime - day or night, weekdays or weekends - whether within their own country or across the euro area.
Since January, payment service providers (PSPs) in the euro area are obliged to offer their clients the possibility to receive euro instant payments. PSPs are also obliged to offer their clients the service of sending instant payments in euro and, in order to combat payment fraud in euro credit transfers, the service of payee verification (VoP). This makes instant payments more widely available, safer, and more affordable for everyone across the euro area.
Instant payments will boost Europe's economy and bring major benefits for citizens and companies, according to the Eoropean Commission.
Transfers in euro will no longer take days - they will reach the recipient's account in seconds, including at weekends and holidays.
The Commission has made it clear that banks and other payment service providers must not charge more for an instant payment than for a standard credit transfer.
To ensure stronger protection against fraud and errors, the Commission has urged providers to verify whether the name of payee (or recipient) matches the IBAN provided before a payment is made. This service shall be provided free of charge to the payer.
New rules also enable payment and e-money institutions to directly participate in payment systems, so they can provide their payment services, including instant payments, more efficiently.
From January 2027, payment service providers outside the euro area will also be required to allow their clients to send and receive instant payments in euro and verify the beneficiary, the European Commission said in a press release.
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