Starting today, 9 October 2025, all European banks will be obliged to offer the instant transfer service, thus completing the second phase of the European regulation which standardizes the rules in the various countries of the Union. The objective is to make money transfers faster, safer and more accessible for all account holders, even in those countries that do not use the euro as their official currency.
From the first to the second phase
The first phase of the legislation, which came into force on January 9, required credit institutions to accept instant bank transfers, while at the same time prohibiting them from applying higher commissions than traditional bank transfers. With the new phase, however, we are no longer just talking about acceptance, but about the obligation to provide the service. This means that every customer will be able not only to receive, but also to send an instant bank transfer, both online and at the counter or via ATM.
An increasingly popular means of payment
European institutions aim to transform instant bank transfers into a real alternative to card payments. In fact, being able to transfer money in a few seconds can prove useful in many contexts: from urgent payments between private individuals to the sale of used vehicles, where the speed of the operation reduces the risk of fraud. Furthermore, this method could establish itself as a daily tool, even for transactions of large amounts, thus exceeding the limits imposed on credit cards.
Greater security with “verification of payee”
The most important news, however, concerns safety. From today banks will have to carry out the so-called “verification of payee”, i.e. the verification of the name of the beneficiary against the IBAN entered. If the data does not match, the transfer will not be carried out. This check will be valid for all types of transfers, instant and ordinary, and will serve to prevent errors or attempted fraud.
According to the Italian Banking Association (ABI), in the initial phase there may be some discrepancies due to the adaptation of IT systems, but the objective is clear: to guarantee more secure, transparent and immediate transactions, for the benefit of customers and trust in the European banking system.
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