Instant transfers are now free of charge

On 26 February, the EU Council Adopted the regulation on the instant transfer. The text should then simplify the use of the instant payment and extend to the entire euro area. In particular, a harmonization of pricing in order to push banking institutions to offer instant transfers (SCTInst) not overbilled, as well as traditional SCT (SEPA Credit Transfer) transfers, free of charge. Today it is done.

FACTS

• Banks in the euro area have, since today, had to offer instant transfers to their customers without surprise.

• This is a direct consequence of compliance with the new European Regulation on instant transfer adopted by the EU Council last February.

• If so far instant transfers were usually charged 1 euro, they will therefore be offered free of charge to European bank customers now.

• In reality, many banks had already made the effort of free payment before this regulatory obligation (such as La Banque Postale, BoursoBank, BforBank, Fortuneo or Crédit Agricole recently in France). But private and heritage banks were still resisting.

• In terms of security, as the recall of funds is not possible in the case of instant transfers, the addition of new beneficiaries will remain subject to a period of 24 to 48 hours. An additional security procedure requires the issuing banks to verify the correspondence between the account number and the identity of the beneficiaries.

• Note that some SCT B2B transfers are paid, so SCT Instant B2B transfers will also be charged, at the same price (no additional costs).

ISSUES

• Moving a standard forward : The EU Council defends the ambition of imposing instant transfer as a new payment standard in Europe. In this way, it must help this model to democratise by making it easier for Europeans to use it.

• Strengthening economic sovereignty : This issue of democratisation of customs is that of the sovereignty of payments in Europe. The institutions are now multiplying initiatives (as in Wero orDigital Euro) to guarantee this sovereignty vis-à-vis the US payment giants and chemes.

PERSPECTIVE

• Last September, La Banque de France stressed already the growth of instant transfer on the occasion of the publication of the latest edition of the Observatory of Security of Means of Payment (OSMP). Indeed, if the payment in cash represent 52% of point-of-sale transactions in the euro area, according to a recent study by the European Central Bank, the increase in the means of Scriptural payments is ongoing.

• It is even reinforced today by the switch to free instant transfer, while, according to the European Central Bank, more than 16% of transfers made in Europe were already instant transfers in December 2023.

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