EU introduces new rules for banks: what we know about instant transfers in 10 seconds

The EU is introducing new rules for banks that will change the way they make financial transfers in euros. From now on, all transfers must be made instantly, within 10 seconds, without delays, regardless of the time of day or holidays. Learn more about all aspects of the innovations and their possible impact on users

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Be prepared for new changes, as the European Union has announced an important reform that will change the way financial transfers are made in the EU.

In particular, the new rule, which comes into force in the spring of 2024, prohibits banks from making any delays in making transfers in euros. The revolutionary changes apply to all banks that make transfers in euros, including Ukrainians living or doing business in Europe.

We will tell you what this means for Ukrainians and how these innovations may affect their financial transactions in Europe in the article below.

EU banking reform: how instant transfers are changing the financial system

The 10-second rule: instant transfers in euros

One of the main changes introduced by the EU is the mandatory introduction of instant transfers in euros. Now, all transfers must be made not only quickly but also without delays, regardless of the time of day or holidays. From now on, transfers through the SEPA (Single Euro Payments Area) system must be completed within 10 seconds of their initiation.

This rule will significantly change the standard of transfers in Europe. For millions of Europeans, this will be a new standard, as they are used to the fact that even transfers made through mobile applications or other online services will now be almost instantaneous.

Implementation timeline for EU banks

According to the new rules, banks operating in the eurozone must comply with the requirement to provide instant transfers by March 2025. This means that most European banks, including those in Germany, France, Austria, and other countries, should already be ready to process and execute transactions in real time.

For banks outside the eurozone that work with euro-denominated accounts, such as in Poland, the Czech Republic, or Romania, the deadline for implementing the rules is longer - by March 2027.

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What will change for Ukrainians?

For Ukrainians living in Europe or working with European banks, the new rules are an important change. They will ensure not only instant transfers, but also the absence of additional fees for transaction speed. This means that transfers from one bank to another in the eurozone should no longer be more expensive than regular transfers, making financial transactions more accessible and profitable.

However, it is important to understand that due to the instant nature of transfers, there are certain risks that everyone should be aware of.

Instant transfers: cannot be canceled

One of the biggest problems with instant transfers is their irreversibility. Once the money has been sent, it is impossible to cancel it. Unlike regular bank transfers, where you could stop the transaction in case of error or fraud, this is not possible with instant transfers.

Therefore, it is important to be extremely careful when initiating transactions. If, for example, a customer accidentally provides an incorrect account number or becomes a victim of fraud, the money will disappear without the possibility of a refund. Such a situation can be a serious challenge for users, especially when it comes to large amounts.

Security mechanisms to prevent errors

In order to reduce the risk of errors in instant transfers, the EU is introducing additional security mechanisms:

- Comparison of the recipient's name with the account number: Payment systems must automatically check for data matching. If the recipient's name does not match the account number, the user will receive a warning. This will reduce the likelihood of errors.

- Limits for instant transfers: Customers will be able to set the maximum amount for instant transfers independently, which can be quickly changed through mobile applications or banking services. This will reduce the risk of large financial losses in case of an error.

- Compensation for losses: If a customer becomes a victim of fraud due to insufficient security of the payment system, they will be entitled to compensation from the payment service provider. This creates an additional level of protection for users.

Prospects and challenges

Despite all the advantages of instant transfers, we should not forget about potential challenges. The convenience and speed of transfers is an indisputable advantage, but you need to be extremely careful when using this feature. This applies not only to individuals but also to entrepreneurs who will have to adapt their business processes to the new standards.

The introduction of mandatory instant transfers is an important step in the development of the European banking system, which, on the one hand, increases the convenience of users, and on the other hand, imposes additional requirements for security and caution in financial transactions. For Ukrainians in the EU, this means significant relief in financial transactions, but also greater responsibility for the security of their transfers.

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