Brussels wants banks to offer Bizum-type payments


The European Commission presented this Wednesday a proposal to oblige banks to offer their clients the possibility of making instant payments in less than ten seconds and any day of the week throughout the European Union, after verifying that this service, made possible through platforms such as Bizum, barely represents a 11% of transfers made in euros each year.

“Money should be able to change hands quickly, with one click“, has defended the Commissioner for Financial Services, Mairead McGuinnesswho explained that Brussels raises binding rules because the evolution has not occurred naturally and “if left to the market it could take a decade” for immediate payments to become the norm. The details of the proposal must now be negotiated between the European Parliament Y the twenty seven before I see the light.

Instant payment services have penetrated very unequal in the countries of the European Union, with a third of the countries where this possibility does not even exist and several where the commissions charged by payment institutions exceed those imposed on conventional payments.

That is why Brussels wants to set a cap on commissions that the payment server may charge for pressing the operation in euros, so that in no case may it be higher than the cost of a classic transfer managed by the same entity.

Entities will also be required to guarantee the worldwide availability of instant payments in euros, with the obligation for payment service providers that offer and the possibility of transfers in euros in the European Union to take the step to include instant payments in a closed term.

Security in instant payments

Another key to promoting instant payments in the eyes of community services is strengthen security of these processes to gain the trust of customers, whether individuals or companies. To do this, the new rule will require, for example, that suppliers must check before executing payment that the bank account number (IBAN) and the beneficiary number correspond in order to alert the latter in case of error or fraud.

Finally, the community proposal wants to speed up the European control procedures to filter the names of people who weigh European Union sanctions and, therefore, have their assets frozen in community territory. For this purpose, Brussels proposes that entities be able to update their clients’ data in relation to sanctions at least once a day to avoid having to waste time checking this factor in each instant transfer, because that control would prevent the operation in seconds.

In this sense, the Community Executive recalls that only the 9.4% of current transfers are rejected and, in the 99.8% of cases is for the wrong reason.


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