EU seeks to make 10-second instant bank payments a reality
A legal deal struck late Tuesday could put an end to long waits to transfer money across borders
The technical capability for instant SEPA transfers already exists (and has existed for a while), this is about making it free for everyone (some banks charge an extra fee for instant transfers).
Maybe make the bank Apps a little more intuitive to use and make it easier to send recurring payments to your friends and the monopoly of paypal in germany could disappear
Yeah. It's really a UI issue at this point. Just a simple frontend to facilitate SEPA transactions to contacts (which could just be a simple Name -> IBAN map stored locally)
Maybe I’m missing something here, don’t we already have this UI from our banking apps?
You should push for something like BIZUM. Say what you will about Spain but we got that right.
Brazil has PIX: 24/7 instant (inter)bank transfers without any fees, you only need the money and the other person's key (email, phone number, SSN, random key or QR code)
We have it too but not internationally (yet).
Inter Bank? So just inside the same database? Because this is between different banks.
Inter is between 2 or more, intra is within the same.
This is the best summary I could come up with:
A legal deal struck late Tuesday (7 November) could spell an end to days-long delays in receiving cash for Europeans, who instead could soon transfer funds between bank accounts within seconds.
Instant payments, as they’re known, allow money to move in the blink of an eye — and a new EU law making them the default option across the bloc has been hailed as good news by consumer advocates.
The commission argued its move would free up billions of euros that, at any given moment, aren’t available for people or businesses to spend because they’re in transit through payment systems.
Under the new plans, banks will have to provide the service to their clients at no extra cost, under strict deadlines, said Dutch lawmaker Michiel Hoogeveen, who shepherded the proposals through the European Parliament.
According to a separate statement from the Council of the EU, there’ll be a longer transition period for countries like Sweden and Poland that aren’t in the eurozone.
“This is fantastic news for everyone who wants their payments processed in seconds, not days,” the McGuinness said in a post on social media site X, saying the new rules will make instant transfers “universal, affordable and secure.”
The original article contains 528 words, the summary contains 199 words. Saved 62%. I'm a bot and I'm open source!
In Spain we have bizum. It is instant, well integrated with bank apps, works with a mobile number and it is free.
The Netherlands has Tikkie, same thing. And my bank has instantaneous transfers all across the EU… I’ll never change bank
Actually, the goal is to fold all of these national digital payment schemes (like iDeal, Payconic, Giropay,...) into a unified European system called WERO which is also based on SEPA Instant Transfers and will be rolled out over the next couple of years. They actually just finished the acquisition of iDeal recently.
How is Australia ahead of Europe! We have Osko which allows instant transfer(seconds) upto $10,000 per day. It's fantastic.
The whole EU already has SEPA Instant Payments which allow the transfer of up to 100.000€ per transaction in under 3 seconds. This law is just about making it Default
It's not that it doesn't exist, but it's an extra paid option.
On my main bank I don't have to pay extra for it, but it doesn't always work
For my bank, instant is free but requires the receiver to also have instant sepa support.
In Ireland, this is already a thing between two people who have an account with the same bank.
Online banks like Revolut and N26 tend to be instant between each other too.
Would be nice to have this between all banks in the EU though.
I'm pretty sure Dutch banks already have this with eachother, but it would be great to loop my German friend in too
The EU's payments company bought iDeal, that Dutch service you are mentioning. They're rolling it out EU-wide.
Mag ik een tikkie sturen?
In Poland there is BLIK, it's well integrated, you can use it anywhere, you can pay, you can transfer, you can request, and it's free.
Sweden has Swish. Instant transfers, you can pay with it in some stores and you can request money from others. All you need is a phone number and a bank account.
I just wanted to add that you also need Bank-ID and that it works instantly regardless of what bank the receiver or sender uses.
It's also free for the user. The bank technically pays a small fee but I'm not a bank so I don't care.
poland has BLIK
10 second instant? I hope at their next restaurant outing they get meat fresh from the can.
Just compare that to the US system with checks that needs days to process and clear...
Think the instant part is supposed to be "relative to status quo". Comparing it taking hours-days and 10 seconds makes it seem instant
I do not understand how I can transfere money instantly theogu an app but the bank needs a few days to do so (unless I pay a fee for instant transfere). I can't imagine it costing the more to transfere my money now than have it done during the night
It doesn't. But at the same time the app you use doesn't transfer money at all. It just shoves ious around.
This has been a thing for years in Russia, what the heck?
That's the case for many counties but that's only between the banks within that country because that's all that one government can require banks to implement. The EU has to do something to get things moving between counties, otherwise nobody is going to agree on anything voluntarily.
Man these bankers can't even keep up. Bitcoin has been doing this for 15 years across all borders and the recent lightning upgrade makes it even better. It's accessible to anybody with a cell phone in every country regardless of their credit history, the stability of their banking system, or the reliability of their national currency. And no government or politician can increase the supply thereby decreasing the portion of it you own. It does this 24/7 365 with zero downtime, no bank holidays, and for .1% of global electricity usage. Less than remittance services alone like Western Union use and mostly from renewables. It is the first truly international currency.
You can send a million dollars for less than 50c in fees on the main chain or <1c in fees on lightning. Lightning transactions confirm in microseconds, main chain transactions confirm in seconds to minutes depending on block timing and how much security you want to guarantee.
Main chain transactions should, on average, take around 6 minutes to confirm.
It'll be seconds only if you're very lucky.
Don't wanna hate, crypto is hella cool, but overselling it won't help anyone.
Edit: oh yeah, and lightning won't confirm in microseconds, you've got your scales mixed up mate, it's gonna be tens to hundreds of milliseconds, simply of your wifi's latency.
For everyday spending, I would consider "The tx is valid, signed, seen by nodes, and has a fee high enough to make it into the next couple blocks" as plenty of confirmation on main chain. That part takes seconds. Like if I'm splitting a bill w a friend a merchant selling somebody a coffee a double-spend attack is really not even in my realm of considerations, I don't need it to make it into a block.