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!
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!