Instant Transfers Mandated for Eurozone Banks: What Changes from January 9
A new European directive requires banks to offer instant bank transfers at no additional cost, marking a significant shift in the EU's financial landscape.
Effective Thursday, January 9, a new mandate will require banks operating within the eurozone to accept 'instant transfers' at the same fee as ordinary bank transfers, typically capped at 2 euros.
This initiative arises from a European directive under the Single Euro Payments Area (SEPA), originally established in 2017, aiming to streamline the European payments market.
By October 9, 2025, banks will not only be required to receive instant payments but also provide this service across all platforms, including telephonic and remote online channels.
The instant transfer service allows funds to be transferred between payment accounts in under 10 seconds, available 24/7, with immediate availability of the transferred amount.
Upcoming enhancements include a feature to prevent errors or fraud, allowing verification of the payee's account identified by the IBAN.
This service will be obligatory and free for banking payment service providers, though businesses may opt out.
The European Central Bank's recent survey indicates that nearly half (48%) of transactions in the euro area are conducted via card or app.
In Italy, this figure is slightly lower at 38%.
According to Unimpresa's 2024 data, bank transfer transactions in Italy reached 8 trillion euros, a 5% increase from 2023, encompassing over 2 million operations.
This is a substantial rise from 20 years ago when bank transfers comprised 1.388 trillion euros across 1.1 million operations.
By the end of 2023, transfers totaled 7.579 trillion euros with 2.115 million operations.
The Italian Banking Association notes that Italian banks have been pioneers in offering instant transfers since 2017, with 341 payment service providers covering nearly all active payment accounts in the country providing this service to households and businesses.
Despite the rise of electronic payments in Italy, cash continues to thrive, bolstering an underground economy that eludes tax authorities.
This initiative arises from a European directive under the Single Euro Payments Area (SEPA), originally established in 2017, aiming to streamline the European payments market.
By October 9, 2025, banks will not only be required to receive instant payments but also provide this service across all platforms, including telephonic and remote online channels.
The instant transfer service allows funds to be transferred between payment accounts in under 10 seconds, available 24/7, with immediate availability of the transferred amount.
Upcoming enhancements include a feature to prevent errors or fraud, allowing verification of the payee's account identified by the IBAN.
This service will be obligatory and free for banking payment service providers, though businesses may opt out.
The European Central Bank's recent survey indicates that nearly half (48%) of transactions in the euro area are conducted via card or app.
In Italy, this figure is slightly lower at 38%.
According to Unimpresa's 2024 data, bank transfer transactions in Italy reached 8 trillion euros, a 5% increase from 2023, encompassing over 2 million operations.
This is a substantial rise from 20 years ago when bank transfers comprised 1.388 trillion euros across 1.1 million operations.
By the end of 2023, transfers totaled 7.579 trillion euros with 2.115 million operations.
The Italian Banking Association notes that Italian banks have been pioneers in offering instant transfers since 2017, with 341 payment service providers covering nearly all active payment accounts in the country providing this service to households and businesses.
Despite the rise of electronic payments in Italy, cash continues to thrive, bolstering an underground economy that eludes tax authorities.
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