What changes for bank customers?

Instant transfersWhere is the money? 10 seconds It has since been acquired by Austrian banks 2017 offered, and almost all major banks now offer them. Depending on the bank, they will too Express transfers Or Real time transfers was invited.

On Wednesday, the EU Parliament adopted a regulation requiring banks and other payment services that offer fixed transfers in euros to offer instant transfers in euros in future. The fee charged for this will not be higher than normal transfers.

Instant transfers are no longer a premium product, he says Michael ErnegerThis is in Austria Banking Association Responsible for payment transactions. However, in Austria, most bank customers do not have to pay any additional costs for this. In this respect, EU regulation changes little for domestic bank customers. In future, you should be notified within 10 seconds if the payment has reached the recipient.

Greater protection against fraud

The new regulations make instant transfers more fraud-proof. Payment service providers must promptly verify the recipient's identity without incurring additional costs or charges to their customers. Specifically, the IBAN and account holder are compared word for word.

Instant transfers were often used in fraud cases, says Ernegar. One is planned A three-phase concept The payer determines whether there is no match, close match or no match between the account holder and the payee.

Based on the feedback the payer may release the payment or not. “Almost identical” means, for example, that the recipient is similar in terms but deviates from the usual entity terms due to location information or additional information.

Maximum amount

Customers should be given the opportunity to set a maximum amount for instant transfers. If the payment service provider does not comply with its obligations to combat fraud, customers must do so in the future compensation can be requested.

Slightly used

With the new regulation, the EU wants to make instant transfers more consumer-friendly. Because so far they have been little used. Bank customers will be able to choose between fixed and instant transfers in the future.

Parliament and negotiators from EU countries already agreed to the plan in November, and parliament has now formally ratified the deal. EU countries must also agree more formally. After the new rules come into force, member states have 12 months to implement them. So you should act quickly 2025 will come into effect.