EU to propose banks offer mandatory ‘instant payments’ in euros
Banks in the euro zone would be required to provide ‘instant payments’ in the single currency 24/7 under draft European Union rules. The EU wants to modernise payments so that money can be transferred from one account to another in seconds, at any time of the day or night, compared with existing card payments and direct deposits which can take up to several business days. The new rules form part of the bloc’s policy of “fostering the development of competitive home-grown and pan-European market-based payments solutions” in a region where U.S. duo Mastercard and Visa dominate cross-border retail payments.
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