A benefit not only for citizens
Instant credit transfers are about to become a reality for all citizens and businesses in the European Union. The European Commission welcomed the political agreement reached Nov. 7 between the Parliament and the European Council regarding the Commission’s proposal to make instant euro payments available to those with bank accounts in the EU.
This means that a previously nationally limited service will now become international, at least between EU countries. The new rules promise to revolutionize the ease and speed of financial transactions in the EU through an update of the 2012 Single Euro Payments Area (Sepa) regulation. The main goal is to ensure that instant payments are accessible, secure and processed smoothly throughout the European Union. Under these new regulations, payment service providers of euro transfers, including mainly banks, will be required to offer instant payments to all customers. In addition, such services are expected to be cost-competitive with traditional credit transfers.
This step represents significant progress toward greater integration and fluidity in cross-border payments, as Financial Stability Commissioner Mairead McGuinness says: “The agreement demonstrates the solid political will and strong commitment of the European Parliament and the Council to making instant euro payments a reality in the Union. To the benefit of the whole EU.”
Services and controls
This regulation update aims to provide quick and practical solutions to meet the daily needs of citizens. It will enable them to receive funds in real time in emergency situations and instantly split shared costs, such as during a dinner party or other social settings. The impacts of these changes also extend to businesses, particularly SMEs, which will experience improved cash flow management. Public administrations will benefit from more efficient processes, while charitable organizations and NGOs will be able to access donations quickly. In addition, banks will be encouraged to develop more innovative financial products and tailored services.
Banks will be responsible for carefully verifying the destination of payments and reporting any errors or fraud before finalizing the transaction. Regarding penalties, the new rules will maintain the effectiveness of screening through a “harmonized” procedure. Specifically, Payment Service Providers (PSPs) will have to conduct daily checks, at least once every 24 hours, on customers based on the European Union sanctions lists. These measures not only improve the efficiency of financial services, but also the security and transparency of transactions, contributing overall to a more modern and resilient financial system.
Euro digital from 2026
L’Europa ha manifestato più volte il suo interesse nei confronti dei pagamenti digitali, con il Governo centrale già impegnato nell’attuazione del progetto dell’euro digitale, con l’introduzione prevista nei portafogli virtuali entro il 2026. L’obiettivo di questa iniziativa è creare un’alternativa al contante ampiamente accettata, gratuita per le transazioni di base, sicura, privata e facilmente accessibile in tutta l’Eurozona. La moneta digitale sarà utilizzabile per pagamenti in negozi fisici, acquisti online e trasferimenti tra persone, senza richiedere una connessione Internet, rendendola accessibile a tutti, indipendentemente dall’alfabetizzazione digitale.
Uno dei principali obiettivi della Banca Centrale Europea (BCE) è limitare la diffusione delle monete digitali private, come Apple Cash, e delle criptovalute come il Bitcoin. Il timore è che la perdita di controllo sulle transazioni finanziarie da parte delle banche centrali possa generare rischi sistemici significativi per la stabilità del sistema finanziario.
La BCE assicura che le banche manterranno un ruolo essenziale nel panorama finanziario. L’euro digitale non sostituirà completamente il sistema bancario, ma piuttosto lo completerà. Le banche continueranno a offrire servizi di deposito, prestito e investimento, mentre l’euro digitale fornirà un’alternativa al contante, con la promessa di maggiore sicurezza ed efficienza nei pagamenti. Questo approccio mira a conciliare l’innovazione digitale con la stabilità del sistema finanziario tradizionale.
Sources: https://www.repubblica.it/ ,
Image source: https://ntcinformatica.it/
Graphic source: https://storyset.com/
