Instant credit transfers now in force for all EU current accounts

Brussels – From today (October 9), instant credit transfers will be available on all current accounts of European citizens. The novelty is due to a European Regulation approved a year and a half ago, which foresaw two phases. The first came into effect on January 9: from that date, all banks were obliged to accept instant credit transfers, even if they did not provide the service. The second phase began eight months later, with all banks obliged to guarantee their customers the possibility of instant credit transfers.

It is not a minor detail. Now, by having a bank account, all Europeans will not only be able to receive instant transfers but also make them at the same cost as regular ones. The advantage is clear: faster and more transparent money circulation was the European Union’s goal, and the implementation of the regulation is aimed precisely at achieving that.

However, one should not underestimate the dangers of using this tool unconditionally. “While on the one hand users can quickly transfer money and make quick payments, on the other, there is no ‘cooling off period’ -that period of time necessary to verify the legitimacy of the transaction and to cancel the transfer of money,” the president of Assoutenti, Gabriele Melluso, tells ANSA. 

The EU regulation also includes new security rules for credit institutions. Banks will be required to verify that the name of the beneficiary entered in the form matches the account holder of the IBAN to which the money is being sent. This check is called “verification of payee,” and it is necessary to prevent typing errors or fraud, making these transactions more secure.