> *An instant credit transfer is supposed to be executed regardless of the day or hour and the money must arrive into the recipient’s account within ten seconds*
> *Member states will have 12 months to apply the regulation.*
Excellent
Not going to happen everywhere in that timeframe if the software infrastructure in the financial institutions simply aren’t designed and built to do so.
Traditionally it’s done in daily batches which is why you’d usually see it appear overnight.
There’ll be some big dev projects required.
[deleted]
Will this apply to wage payments as well as regular interbank transfers?
To be fair, this really should have been done willingly by banks a long, long time ago. You could already do instant transfers between the same bank, Revolut is instant when adding funds to it and I know for a fact that on “high grade” accounts they can do an instant transfer 7 days a week.
In an age where literally all information can be transported in seconds across the world, there’s no reason that it takes 24 hours to send money from AIB to BoI.
From what I can tell SEPA Instant Credit Transfers have been around since 2017, this just makes it mandatory to implement them. Not sure whether the 15k limit is the same.
About time. UK is instant regardless what bank the money is being sent to
i just want to be able to transfer to others from my main bank account as easily as I can using Revolut
Sounds lovely but you know the banks will make something up like *”Software maintenance fee”* to pay for it.
Can they pass a law asking banks to make better apps.
Half the IT backend in the EU bank I worked for was older than the EU parliament. This is going to be fun to watch from the outside
How about safeguarding money incase of fraud , now it can just happen quicker 😵💫
Is it still going to take a “5 working days” to get your money back to your account after a refund?
This has always been ridiculous. Say you want to overpay your mortgage on a fixed rate, they say oh there is no fee to do so today, you transfer money and it arrives the next day. Oh WELL, it’s a new day and there is a huge fee that day.
Loving the EU lately. The Bureaucracy is reining in the corpos.
BOI & AIB: Oh, I guess we are going to have to raise our fees again. What a predicament.
“Bank transfers taking ten seconds can’t be done overnight” – FFGreens
19 comments
> *An instant credit transfer is supposed to be executed regardless of the day or hour and the money must arrive into the recipient’s account within ten seconds*
> *Member states will have 12 months to apply the regulation.*
Excellent
Not going to happen everywhere in that timeframe if the software infrastructure in the financial institutions simply aren’t designed and built to do so.
Traditionally it’s done in daily batches which is why you’d usually see it appear overnight.
There’ll be some big dev projects required.
[deleted]
Will this apply to wage payments as well as regular interbank transfers?
To be fair, this really should have been done willingly by banks a long, long time ago. You could already do instant transfers between the same bank, Revolut is instant when adding funds to it and I know for a fact that on “high grade” accounts they can do an instant transfer 7 days a week.
In an age where literally all information can be transported in seconds across the world, there’s no reason that it takes 24 hours to send money from AIB to BoI.
From what I can tell SEPA Instant Credit Transfers have been around since 2017, this just makes it mandatory to implement them. Not sure whether the 15k limit is the same.
About time. UK is instant regardless what bank the money is being sent to
i just want to be able to transfer to others from my main bank account as easily as I can using Revolut
Sounds lovely but you know the banks will make something up like *”Software maintenance fee”* to pay for it.
Can they pass a law asking banks to make better apps.
Half the IT backend in the EU bank I worked for was older than the EU parliament. This is going to be fun to watch from the outside
How about safeguarding money incase of fraud , now it can just happen quicker 😵💫
Is it still going to take a “5 working days” to get your money back to your account after a refund?
This has always been ridiculous. Say you want to overpay your mortgage on a fixed rate, they say oh there is no fee to do so today, you transfer money and it arrives the next day. Oh WELL, it’s a new day and there is a huge fee that day.
Loving the EU lately. The Bureaucracy is reining in the corpos.
BOI & AIB: Oh, I guess we are going to have to raise our fees again. What a predicament.
“Bank transfers taking ten seconds can’t be done overnight” – FFGreens
Including refunds?