The EUROPEAN Commission has proposed a law under which banks will have to execute all euro transactions instantly without additional costs.

According to the Commission's proposal, payments in the EU and the European Economic Area will be credited to the account instantly, regardless of the time of day, what day of the week it is, and whether it is a working day or a non-working day. Now people wait up to three days, especially if the payment is made at the end of the week. Most often, one has to wait until Monday for the money to appear in the account.

“The transition from a payment that reaches the recipient's account the next day to a payment that arrives within 10 seconds is equivalent to the transition from regular mail to email,” said financial services commissioner Mairead McGuinness.

“Today, almost nine out of ten euro credit transfers are still processed as traditional ‘slow’ transfers. There is no reason why many citizens and companies in the EU cannot send and receive money immediately. The technology that enables instant payments has existed since 2017,” the commissioner adds.

Source: index.hr