Wire transfers, here’s what changes from next October

Receiving a payment in seconds, at any time of the day, is an increasingly common need and the instant bank transfernow available for some years, is a solution designed to respond to this need. The banks, in fact, present it as a simple and quick tool as a few clicks or taps on the smartphone are enough for transfer money between current accounts in a short timeabout 10 seconds, drastically reducing the times foreseen by the ordinary transfer. However, there are some limits: until a few months ago the banking institutions applied higher costs For this type of transaction others, however, have not yet joined the system preventing customers from sending or receiving money instantly.

However, from 8 April 2024 the EU Regulation 2024/886known as Instant Payments Regulationwhich sees the European Union to introduce a series of measures designed to make instant transfers in euros more accessible, quick and safe: and important changes will take effect from 9 October 2025.

The new rules

With the introduction of the IPR, banks and other payments of payment services are obliged to adapt to new rules that aim to guarantee equal conditions and greater protection for consumers. In particular, all banks located in the countries of the European Union and which offer ordinary transfers in euros, will have to mandatory allow the reception and sending of instant transfers to their customers Through the channels already made available, from the apps or internet banking sites to the branch in branch; In addition, it will be possible to set the instant transfers on a future date, recurrent or tax facilitation with instant execution.

In this regard, as already in force since 9 January, the legislation provides that the commissions on immediate transfers are not superior to those of traditional transfers: an alignment designed to guarantee impartiality in the choice of the user and encourage a more fair diffusion of this tool.

In order to reduce the risks of making mistakes and any fraudulent activities, the verification of the beneficiary or Verification of payee (Vop) necessary to ascertain that there is correspondence between IBAN and holder of the account before sending the sum is authorized.

These innovations undoubtedly represent a significant step towards one greater equity in the European banking systemin fact, with the new rules, consumers will have the opportunity to freely choose the most comfortable solution to send or receive money without undergoing conditioning related to costs or technical limitations.