Brussels (Brussels Morning Newspaper)- The EU has set new rules requiring banks to provide instant payment options by October 2025, allowing transfers up to €100,000 24/7.
The European Union is introducing new rules that will make instant payments by October 2025. The development requires that all banks will have to accept instant payments, guiding the trend of every transfer between countries to become a real-time transfer. This will enable people to access their money fast, increase cash flow for businesses, and ease their operations in cross-border payments. However, it will require an upgrade in systems for banks, which is costly, and some charge fees for the services that may slow the adoption.
What are the impacts of instant payments on banking practices in Europe?
Instant payments started in Europe in 2019 and have changed how banking works. Regular bank transfers can take a long time, while constant payments let money reach the person’s account in seconds, any time, day or night. The Service is 24/7 with the SEPA Instant Credit Transfer system, one can send up to €100,000. When someone sends money, it goes through a secure system and is ready to use almost immediately.
When instant payments were introduced in Europe, banks had different approaches. Some charged extra fees for this fast service, while others included it in special banking packages. Over time, as more customers wanted instant payments, banks started to offer them for free to stay competitive. Now, instant payments are available to everyone without any charges, making it easy for people to send money quickly anytime they need.
The use of instant payments has taken off recently. In 2024, instant payments in Belgium reached approximately 197.8 million, up by 15 percent from the previous year. More people are trusting and using this way to send money. Now, about 22 percent of all bank transfers are instant payments, indicating a big change in how people manage their finances. As more individuals and businesses see the benefits of getting money instantly.
