The EU Parliament approved a directive that marks a paradigm shift in the banking landscape. In the future, European banks will be obliged to make transfers available to their clients in real time and at no additional cost, as reported, among others, by the newspaper Tagesschau.

No more waiting for money

Whereas previously the waiting time for a transfer could be up to two days, in the future it should only take ten seconds until the money reaches the recipient's account. “You make a transfer and the money is immediately deducted from your own account, but sometimes it takes two days to reach the recipient, and even longer if there is a weekend in between,” MEP Markus Ferber of Bavaria said loudly. Daily News”. The new resolution should put an end to this.

Both private customers and companies can benefit from this development. In the future, you should be able to purchase an item and then transfer the purchase price directly through your mobile phone without having to resort to credit cards or other payment systems such as Paypal.

The regulation comes into force in 20 days

As reported by, among others, the “Techbook”, the new regulations should come into force 20 days after their announcement. However, Member States would not have to implement them immediately.

You would then have twelve months until state banks offered free, instant transfers.

EU banks should become more independent

The measure also aims to reinforce the independence of European banks from American payment systems. Despite these potential advantages, there are also concerns, especially when it comes to security: “The most important thing is that the money sent must be safe. The EU Commission still needs to improve things,” warns left-wing MP Martin Schirdewan.

Thomas Rienecker of the Savings Banks Association shares this concern: “Checks to detect fraud such as money laundering take time,” says Rienecker.

To ensure the security of transfers in the future, banks must now carry out their security checks in a matter of seconds. This involves, for example, checking whether the IBAN or the name of the recipient is correct and whether the transfer is intended for people who are on a sanctions list.