‘Seismic shift’ in bank payments to help business and consumers, says EU
Forcing banks across the European Union to offer instant payments in euros is a “seismic” shift to make the economy more efficient and reap savings for businesses and customers, the bloc’s financial services chief said on Wednesday. Mairead McGuinness proposed a draft EU law that will require banks across the 27-country union to offer and receive “instant payment” (IP) services for a fee that is the same or lower than they charge for traditional credit transfers. Currently, some banks charge far more for an IP transfer, up to 30 euros ($30) in some cases, compared with traditional transfers.
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