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What does real time mean?
Within 20 seconds, the money in the recipient's account to enter – and at any time of the day or night, promise the savings funds. However, this requires banks to participate in the system.
"The big advantage of using Instant Payments is that unlike a paper transfer or a conventional online transfer, you know directly if it is The receiving bank has to issue a confirmation," says Ernst Stahl from the University of Regensburg, which has done research on several occasions on the subject.For example, anyone who sells his old car privately must take into account the risk that the buyer will not pay. the transaction was processed by real-time payment, the seller would have direct assurance that the money is in his account.
Even those who buy online have advantages: More the trader has the # 39, money, the faster the goods will be sent.Steel expert also sees great potential for businesses: a freight forwarder can apply for a payment before the truck is unloaded, especially among new customers abroad. This during, up to now, an upper limit of 15,000 euros for instant payments payments applies.
How much does the service cost?
Prices vary by bank savings. Sparkasse Köln Bonn, for example, does not charge anything or 60 cents for private customers, according to the checking account. Berliner Sparkasse charges between 25 and 55 cents per transaction. Real-time bank transfers with the "Kwitt" money transfer feature of the Sparkassen app are free of charge
Operation of the service
Sparkasse customers can select the online banking service as well as transfers in the Sparkassen app on their smartphone. If the transfer succeeds, it automatically appears as a debit entry. If real-time transfer is not possible, customers will receive a message with the TAN request and will be able to request a standard transfer without re-entering the data. If there is an error after entering the TAN, customers will immediately receive a new credit for debit
Who still participates in the system?
The pioneer in Germany was the HypoVereinsbank. However, customers of Deutsche Bank must be patient but they will not be in service until November. Popular banks and Raiffeisen want to introduce service in the first half of 2019, Commerzbank can not yet call an appointment. In addition to German banks, many Austrian, Italian and Spanish banks are already participating in the system. From July 10, the 50 million customers of the 385 savings banks in Germany will now be able to use it.
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