<p>Monday, February 26, 2024, the European Union adopted a regulation that will require banks, from 2025 onwards, to offer instant transfers at the same rate as standard transfers. A minor revolution in finance that should boost the use of this still marginal service.</p>
<h2 id="h-an-upcoming-widespread-offer-of-instant-transfers">An upcoming widespread offer of instant transfers</h2>
<p>A minor banking revolution is underway in Europe. On Monday, Brussels adopted a regulation that will mandate instant transfer for all banks in the Eurozone by October 2025.&nbsp;</p>
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<p>In practice, they will have to enable sending or receiving funds in less than 10 seconds, 24/7, without any additional cost.</p>
<p>Currently, the majority of French banking institutions charge 1€ per instant transfer. Tomorrow, these additional fees will be prohibited, to the chagrin of banks that will have to revise their pricing policies and computer systems.</p>
<p>This mandatory free service is a minor revolution. Indeed, a few online banks such as Boursorama have already taken the step. But by 2025, all French and European banking players will have to comply.</p>
<p>For individuals, it’s also a change in habits that is looming. Today, only 1 out of 20 transfers are made instantly in France. Simplicity and cross-border interoperability could skyrocket usage</p>
<h2 id="h-technical-challenges-for-banks-to-overcome">Technical challenges for banks to overcome</h2>
<p>For French banks, this <a href="https://www.ouest-france.fr/economie/banques-finance/faire-un-virement-en-10-secondes-ce-sera-bientot-possible-dans-toute-la-zone-euro-c90ef09e-d4a6-11ee-b1bc-6aaac57ff91a" target="_blank" rel="noopener noreferrer nofollow">European regulation</a> means technical updates to streamline and secure transactions. They will need to strengthen verification systems to check the recipient’s identity in a flash and avoid errors or fraud.</p>
<p>Another challenge: managing a significant increase in the volume of instant transfers, with systems capable of processing thousands of simultaneous transactions without latency. On this front, fully online banks, which are on the cutting edge of technology, seem better equipped.</p>
<p>In terms of finances, compliance will entail significant costs, especially for small institutions that might struggle to meet the tight schedule set by Brussels.</p>
<p>The main winners are obviously the European individual and professional clients, who will benefit from ultra-fast cross-border money transfers at lower costs. A decisive step forward for the project of integrating the Eurozone.</p>
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<p>With this ambitious regulation, the EU is betting on a spectacular takeoff of instant transfers, which are still marginal at present. We will have to wait until 2025 to judge if its bet on free service and interoperability will bear fruit.</p>

Finance: Brussels Imposes Free Transfers to Banks in the EU

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