The second phase of EU regulations to accelerate the rollout of instant bank transfers among banks and customers begins tomorrow, Thursday, October 9th. Banks and post offices will be required not only to provide the service to their customers but also to verify that the recipient's name matches that of the IBAN holder .

This service is especially useful, as the Bank of Italy points out, for urgent payments and those requiring payment upon delivery of goods or services, such as online on-demand services (e.g., watching a movie), transactions between individuals (e.g., when transferring ownership of a used car), or in-store purchases: "This is especially true if the transaction amount exceeds payment card limits, while transfers via bank transfer are permitted."

The first phase, effective January 9th of this year, required only instant payments and no higher fees than traditional bank transfers. The verification service, which some banks already offer, helps limit fraud and errors since the payment, which takes less than 10 seconds, is irrevocable.

For this reason, especially initially, it will be necessary to pay particular attention when completing the order . In the event of fraud , it is still possible to request a refund, provided the bank is notified immediately . The obligation to offer instant incoming and outgoing transfers, notes the ABI, will also apply to banks located in countries that have not adopted the euro and other payment service providers (electronic money institutions and payment institutions) at a later date, starting April 9, 2027.

(Unioneonline)

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