Bank customers in the European Union should be allowed to make quick payments in the euro at any moment, under the updated laws that the European Commission recommended today, Wednesday, in Brussels.
The European Financial Services Commissioner, Merid Mccenes, said in a statement that in light of the application of technology since 2017, there is no reason for customers unable to send money and receive it immediately.
According to the UNHCR, the executive branch of the European Union, immediate payments are significantly quicker than conventional credit transfers in banks and enable consumers to send money at any time during any day in as little as 10 seconds.
In contrast, current credit transfers might often take three days to reach the recipient’s account and are only received by payment service providers during business hours.
UNHCR now seeks to compel banks to offer instant payments in addition to routine credit transfers whenever needed, without raising the customer’s costs.
UNHCR: New money-transfer regulations require banks to make payments right away.
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