Hrr Hrr. Meanwhile, Deutsche Postbank ATM (because Cashgroup), 3rd time in a row of three months, at the beginning of a month in the late evening: This Service is currently not available. In different locations. Deutsche Bank has no open ATM locations at late evening or night anymore. While Shell does it. They make cash suck more and more. Grr!
Commission proposes to accelerate the rollout of instant payments in euro
21–30 of 151 posts
Re: Commission proposes to accelerate the rollout of instant payments in euro
#22This will be huge. This will allow anyone to accept digital payments, eg. at a farmers market, using the bank accounts everyone already has. The only thing missing is forcing banks to provide an API for third party integrations, but I think there is a separate proposal on the way for that. Imagine being able to accept instant payments from everyone in the EU, without having to sign up for a service like Stripe or Pay…
Hong Kong's Faster Payment System (FPS) is like that. You can even use phone number or email instead of account number (or QR code). Very practical. Money moves instantaneously free of charge. [1] https://fps.hkicl.com.hk/eng/fps/index.php [2] https://www.hsbc.com.hk/campaigns/fps/
Several EU countries have similar national systems.
This is about making all that work with Euro accounts from different countries.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#23Interestingly, the claim that: "there is no reason why many citizens and businesses in the EU are not able to send and receive money immediately" is made on the record by the responsible official, Mairead McGuinness, Commissioner for financial services, financial stability and Capital Markets Union. Which seems incorrect as 10 second payments EU-wide obviously require universal adoption of updated IT systems and more…
> Which seems incorrect as 10 second payments EU-wide obviously require universal adoption of updated IT systems and more stringent control to guarantee that 10 second deadline.
Plenty of other governments have done that essentially by threat or mandate though? UK has https://en.wikipedia.org/wiki/Faster_Payments and Thailand has https://www.bangkokbank.com/en/Personal/Digital-Banking/Prom... -- I don't remember my fees going up in either country
Re: Commission proposes to accelerate the rollout of instant payments in euro
#24This will be huge. This will allow anyone to accept digital payments, eg. at a farmers market, using the bank accounts everyone already has. The only thing missing is forcing banks to provide an API for third party integrations, but I think there is a separate proposal on the way for that. Imagine being able to accept instant payments from everyone in the EU, without having to sign up for a service like Stripe or Pay…
Doubt it will be huge, we are constantly being told not to give out our bank details as scammers want them, now you think it'll be great if we just give out our bank details to every stranger we meet at the market. This will be great, for sending/receiving money but is hardly a replacement for card payments.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#25Instant payment in India (UPI) has been revolutionary. Last month 6.7 billion transaction took place amounting to $138B!! https://www.npci.org.in/what-we-do/upi/product-statistics Every major company tech company ( Google, meta, amazon, flipkart ) wants to be a part of it. This can be a huge opportunity for European startups
I can't express in words the amount of push UPI has provided in India for the digital payments sector. Any shop I have visited in the past year has a QR code on the Front counter. And I am not talking about big shops. I am talking about Hawkers, street vendors, Brick and Mortar shops, roadside Dhabas, Mechanics.
UPI is a gamechanger.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#26I wonder why are not the "slow" methods banned.
If I wire 200k I honestly don't care if it takes a few hours (nowadays, old-school SEPA transfers don't necessarily take more) and happens only during business days/hours. It gives everyone more room to cancel if you fucked up.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#27Earlier quoted context omitted.
It's impossible to make anything free. The likely outcome is the costs will be moved around so that its paid indirectly.
Banks already make enough money from interest on loans, they can afford the minor cost of an instant SEPA transfer. The €7 cost that the parent is charged is way too high, I only have to pay €0.5 for the same with my bank, with a cap of €2,000 on the amount of the transfer (above it can only be the slow transfer).
Yes, hopefully that will be the case when everyone uses it due to economies of scale. A few extra euro cents per transaction should only represent a small burden per account holder.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#28Interestingly, the claim that: "there is no reason why many citizens and businesses in the EU are not able to send and receive money immediately" is made on the record by the responsible official, Mairead McGuinness, Commissioner for financial services, financial stability and Capital Markets Union. Which seems incorrect as 10 second payments EU-wide obviously require universal adoption of updated IT systems and more…
The tech for instant tranfers is already there, they just charge ridiculous amounts for it. Eg. my bank charges 7€ for an instant transfer, slow transfers are free. This proposal would make all transfers free and instant.
Depends on the bank. My bank processes regular free bank transfers as instant if supported by the destination bank.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#29Obviously a good idea that should be implemented immediately.
Are you sure it should implemented immediately? > with an obligation on providers to verify the match between the bank account number (IBAN) and the name of the beneficiary provided by the payer This will break a lot of payment flows, currently that verification is rarely enforced. For example I have saved "power company" as receiver's name, the transfers still work since everything besides IBAN is ignored.
Well, this has to come at some point.
Right now the receiving bank can silently start being compliant overnight and you won't know. If there's some official deadline, this gives the opportunity to warn all parties beforehand.
Re: Commission proposes to accelerate the rollout of instant payments in euro
#30This will be huge. This will allow anyone to accept digital payments, eg. at a farmers market, using the bank accounts everyone already has. The only thing missing is forcing banks to provide an API for third party integrations, but I think there is a separate proposal on the way for that. Imagine being able to accept instant payments from everyone in the EU, without having to sign up for a service like Stripe or Pay…
This isn't new. A few years ago a few countries (Germany being one of them) asked for an extension on having to implement instant transactions. Some German banks actually charge more for the instant bank transfers.
This is just the EU commission pushing for this game that they themselves started to end.