EU seeks to make 10-second instant bank payments a reality

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

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)

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.”

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In Spain we have bizum. It is instant, well integrated with bank apps, works with a mobile number and it is free.

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.

How is Australia ahead of Europe! We have Osko which allows instant transfer(seconds) upto $10,000 per day. It's fantastic.

I'm pretty sure Dutch banks already have this with eachother, but it would be great to loop my German friend in too

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 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

This has been a thing for years in Russia, what the heck?

10 second instant? I hope at their next restaurant outing they get meat fresh from the can.

Meanwhile we had TWINT in Switzerland for like a decade.

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.