HomeEconomyEU says 'seismic shift' in bank payments to help businesses and consumers Economy EU says 'seismic shift' in bank payments to help businesses and consumers By farahat October 26, 2022 0 137 views Share FacebookTwitterPinterestWhatsApp Well +1.25% Add to Watchlist/Remove from Watchlist to watch list Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Point Value: lever Function: 1:1 1: 1: 7864 V +1.52% 7864 Add to Watchlist/Remove from Watchlist ) Add to watch list Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price point Value: Leverage: 1: 11: 1: 1: 1: 24 1: Create new watchlist creation 200 200 CREATE A NEW HOLDING PORTFOLIO ADD CREATE 8318 + add another position Close author: Hugh Jones LONDON (Reuters) – Forcing EU banks to offer instant payments in euros is a “seismic” shift to boost economic efficiency and EU financial services Save money for businesses and customers, executives said Wednesday. Mairead McGuinness has proposed a draft EU law that would require – National Alliance offers and accepts “Instant Pay” (IP) services at the same or lower fees as traditional credit transfers. Currently, some banks charge much more for IP transfers, up to 10 Euro ($ ) in some cases compared to traditional transfers. “From ‘Next Day’ to ‘ seconds of transfer is shocking and can be Mail-to-email migration is comparable,” McGuinness said in a statement. Instant payments have been rolled out in many parts of the world, including the EU, but voluntary acceptance in the EU has flattened, with only two-thirds of those offering IP Banks only account for percentage of all credit transactions. USD uo Visa (NYSE: V ) and MasterCard Card (NYSE: 1000MA) dominates cross-border card payments, Brussels wants IP-integrated reforms such as “open banking”, or the use of customer bank data to provide a range of services of fintech companies that will foster competition. Intellectual property is part of helping broader reforms, such as the expected digital euro. “By mandating instant payments, the biggest hurdle for open bank payments to go mainstream is immediately addressed,” said Tom Greenwood, CEO of instant payments gateway Volt. IP allows people to receive and make instant payments /7, if payday is a weekend, for businesses to manage their cash flow by receiving funds immediately after the sale. Once in force, the proposed law, which requires approval from EU countries and the European Parliament, would require euro zone banks to receive Euro IP within six months, and was able to send Euro IPs within a year, while banks elsewhere in the EU gave month to provide Euro IP service. “This will increase competition in payment services and provide consumers and merchants with additional, efficient d to pay in-store and online The cost of goods and services is lower,” said Christel Delberghe, director general of EuroCommerce, which represents the retail and wholesale industries. Banks must screen their IP clients daily against the latest EU sanctions list, which has expanded since Russia invaded Ukraine. Currently, non-bank payment companies are excluded as they cannot directly access to payment systems, but Brussels plans to revise its rules to allow them to compete with banks in IP payments, an EU source said. ($1=0.92 EUR) 200 Share FacebookTwitterPinterestWhatsApp Previous articleKenan Thompson hosts People's Choice AwardsNext articleCan the Los Angeles Lakers overcome their all-time poor shooting? farahat RELATED ARTICLES Economy Investors pile into cash, Japan equity funds see outflows – BofA December 8, 2023 Economy European shares climb on luxury boost, key U.S. jobs data in focus December 8, 2023 Economy Yen bears rush for the exits on hints of BOJ policy shift December 8, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. 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