The European Regulations enter and therefore instant transfers can be made with all banks and on all channels and new security measures start
Instant wire transfers, from 9 October everything changes for account holders and banks. In fact, the European Regulation enters the European regulation which makes for all credit institutions of the euro area allow instant wire transfers on any channel: from ATM counters to apps Home Bankingup to the call center. And the new anti -flavored mechanisms are triggered. Instant wire transfers means ten seconds to see a payment accredited, 24 hours a day and seven days a week.
What changes from 9 October: instant transfers without limits and safer
The novelty of 9 October above all concerns the possibility of sending instant transfers from any channel and in all forms already foreseen for ordinary transfers. Not only individual payments, but also multiple, recurring or programmed transfers will become immediate, with credit in less than ten seconds at any time of day and night, including weekends. It will also be possible to transfer up to 100 thousand euros in instant mode. At the same time on 9 October the compulsory verification system of the beneficiary, the so -called verification of payae (Vop) enters into force. Before the transfer is performed, the bank will compare the IBAN and the recipient’s name and if the data does not correspond, the customer will be notified. At that point he will be able to decide whether to correct or confirm the operation, however, taking on responsibility in case of error. The goal is to minimize the fraud and accidents that today exploit the speed of instant transfers. Everything is ready in a country, Italy, who has so far moved slowly on this front? Just think that in 2024 just 10% of the transfers were carried out in instant mode, against 19% of the European average. Many operators in the sector doubt that banks are already ready to apply such timely checks and complicate the picture there is also the delay with which the EPC, the European reference body, has defined the safety standards.
What has already changed in January 2025 for instant transfers: reduced costs and reception obligation
The step of 9 October comes after the news that entered into force on 9 January last. From that date for all banks, the obligation to receive instant transfers and, above all, of not being able to apply higher commissions than those of ordinary transfers had triggered. Significant savings for customers. If until 2024 a traditional online transfer cost on average 0.76 euros and one instantaneous arrived over 2 euros, from January the prices must be equated. In addition, always since the beginning of 2025, ordinary transfers must also respect more stringent rules on the times: if arranged by 5 pm, they must be credited within the next day, weekends included. Next step? Since 2027, the rule on instant transfers will also start in the countries of the Union that do not use the single currency. So the whole separate area will be involved.
