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).
this post was submitted on 09 Nov 2023
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And many do not offer it at all
Yeah, my last bank charged around 15ct per instant transfer. I was unpleasantly surprised when I found out that my current bank takes 2 Euros…
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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)
I could imagine something like an IBAN protocol - open an IBAN link as in iban://AB26374838388 directly with your banking app and auto fill the bank transfer menu. Only add the amount of money you want to transfer.
No idea what other implications that would have e.g. for security though
There's a standard that does this in form of a QR code: https://en.wikipedia.org/wiki/EPC_QR_code
True, my bank also supports this. I already saw QR-Codes on some invoices but never used it... will try it out next time.
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Alternatively, let's kill contact lists completely and do this some other way. Contact lists are already a privacy disaster, allowing users to compromise all their friends' personal information without a hint of consent.
I'd suggest providing alternatives before killing the current best solution
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You should push for something like BIZUM. Say what you will about Spain but we got that right.
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.
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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
And free if I remember correctly. I never used it because my bank was like "Fees might apply". Trying to figure out which fees and how much was pretty much impossible.
In Germany it’s generally 1€ per transaction 🤡
In Greece is 4-6€ per transaction for every 100€😊 (now we have created the interbanking system called IRIS which you can send money to an IBAN linked with your phone number for free)
I can’t wait for the day when consumers can cut banks out of their lives.
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Nope. It's not. My Sparkasse charges nothing
That’s rather the exception than the norm. All my banks charge 1€. All Sparkassen I researched you pay at least something:
https://www.sskm.de/de/home/service/echtzeit-ueberweisung.html
There it is 0.75€
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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.
We're talking about payments across different countries. Inside each country payments have been instant for a while
Not in Germany, at least not when using different banks.
Most banks have an instant payment option that comes with a fee.
Which is a fucking insult. The moment i pay anything with a debit card the payment is already noted in my account, just the formal transfer of the money hasn't happened yet. But both banks already know the transaction and they know that they will do the transaction, everything is there already. But they just didn't do the switch.
It is like you would go to an airport, have your luggaged checked in, go through the security, board the plane and everything is ready. Also the starting lane is empty. But the flight will wait until the next day, because thats how it has been done since the days of olde.
It's also such a dumb idea to cut this feature. People will just substitute bank payments for PayPal.
I'm pretty sure this new ruling is only for bank transfers, not card payments.
Your card payment is technically instant, since you get the goods in the store at he same time as the money leaves your balance. Both parts agree that it happened. The waiting time until the store actually gets the money deposited in their bank isn't dependent on bank. First it sits in the terminal until it is reported to the card company at the end of day. Depending on the specific agreement they can then accrue several days of transactions before even starting doing the bank transfer. Some do it daily, but I don't know of anyone doing it more frequently than that. For debit cards that is. Other payment methods can be faster or slower, but it really isn't the bank to blame for this.
Bank transfers should be faster than card settlements. The current setup is that banks also acrue transactions and exchange them one or two times daily. This has one benefit for users, since at a known time, they can surely know that there won't be coming more payments that day. This information is f.i. usable for debt collectors. Doing faster payments is obviously better, but it will also mean that due times need to be specified by the hour and will probably cause some arguments about when a payment was actually done. Also even with faster payments, interest calculations are done on a daily basis, not hourly, so there'll still be a technical cut-off time that determines who actually had the money on that day even if it was moved to different accounts several times on a day. So sure, it may theoretically free up some money, but it won't make much practical difference anyway.
Then I would suggest switching. Even my Sparkasse which charges for everything through the nose doesn't charge anything for SEPA Instant Payments
In 2020 only 62,4% of the banks in the EU supported it.
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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.
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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.
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