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The customers of mutual networks Caisses d'Epargne and Banque Populaire banks will be the first in France to be able to use transfers in real time. From next week for insurance benefits and from next fall for all their transfers
Choose a beneficiary, set an amount, send … and that's it. Seconds later, the money arrived at the destination thanks to the "instant transfer". The latest innovation in banking is about to make its debut in France. Bancbadureur mutualiste BPCE will launch Tuesday the very first offer of instant compensation of claims of its insured.
Once the declaration of a damage sent, the account of the insured will be immediately credited with the compensation granted, promises the bank. Usually, this operation lasted up to three days, with one day to validate the file and two to electronically send the funds to the port.
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In addition, savings banks and banks will offer popular customers online service, via smartphone or computer, in the autumn. They will be able to make and receive instant payments at any time. Initially, each instant transfer will be capped at 15,000 euros and effective within a maximum of 10 seconds.
The instant transfer on the launch pad in other banks
Among the other institutions, Crédit Agricole will offer the instant payments. In November 2018 in reception and beginning of year 2019 in emission. BNP Paribas promises its "home" technology for the end of the year. As for Société Générale, it ensures that "the project is progressing well" without giving a timetable.
A key, multiple uses such as repaying loved ones, quickly transfer money abroad, immediately obtain a credit for consumption. But also settle the purchase of a second-hand good to another individual, pay the intervention of a craftsman at home or receive his monthly salary more quickly. For businesses, this technology also carries the promise of limiting late payments.
A challenge for banks
In Europe, instant payment is already a reality in several countries, as in Spain, Germany, Great Britain or Sweden. "France was late on this subject, with less competitive pressure than elsewhere. What makes the banks move is the feeling of being a little more vulnerable to the arrival of new players "often come from the digital, says Julien Maldonato, financial sector expert at Deloitte.
Beyond to block the road to competition, "the instant payment has great potential, whether it is to eventually replace the check, reduce the costs of fraud, reduce cash and management fees that are there badociates, while completing a range of means of payment which has yet to be enriched, "adds Mr. Maldonato.
Not to mention that this technology also reduces the influence of the behemoths Visa or Mastercard on payment. The crucial sector at a time when the data of customers serve as new gold, confided a connoisseur of finance.
The stakes are high for the banks whose retail activities are damaged by the very low interest rates that make it difficult to make money grow, which leads them to look for new sources of revenue while tightening the screw on the expenditure side.
Banks do not have interest to disappoint
In a recent white paper, BPCE estimates that between 6% and 13% of cashless transactions (checks, cards, transfers) in France could be made by instant transfer by 2022. [19659003] "The instant transfer offers a potential for greater simplicity compared to other means of payment," says BPCE, but it will need to develop with the general public and trade "common acceptance rules in Europe, p customers unified and fluid without any difference according to the bank ". "It is estimated that 80% of banks must be reachable for customers to consider the service as correct," says Marc Espagnon, payment manager at BNP Paribas.
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To achieve this result, "we will have to be able to execute these operations very quickly. But also to pbad through a number of filters of controls related to the fight against money laundering, terrorism, the rules of sanctions and embargo, "adds Mr. Espagnon.
Which implies important investments for banks that weigh the opportunity to charge customer service. But for now, not a word! None has revealed its intentions in this regard.
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