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Frankfurt / Main –
Time is money. Since November, transfers from account to account are technically possible in Europe in a few seconds. Until now, however, only HypoVereinsbank (HVB) in Germany has offered such real-time transfers, so-called instant payments.
On July 10, the savings banks will now follow. Experts expect a boost for modern payment traffic
What does "real time" mean?
Up to now, it was common in the banking sector to raise funds and process them in batches. In addition, orders that customers spend online are usually only executed with a delay. With Instant Payments, providers promise that money will be transferred from one account to the other within ten seconds.
The Bundesbank clarifies: "Payment service providers offering instant transfers must be open 24 hours a day, 7 days a week.
Since when are instant payments made? [19659003] In Europe, since November 21, 2017, the "SCT Inst" called fast transfers are possible.On the same day, HVB, which belongs to the Italian group Unicredit, tested the system. "When we processed our first transaction of 39 Germany in Italy in 2.5 seconds, we were already proud, "recalls Gerhard Bystricky, head of product development in payment transactions at HVB
" Today, more and more Since November 27, HVB customers can order real-time discounts via regular online banking services.
What have customers in real time?
"The big advantage of & # 39; 39; Instant Payments is that contrairemen With a paper transfer or a traditional online transfer, you know directly if the money has arrived. Because the receiving bank must issue a confirmation, "says Ernst Stahl of the University of Regensburg, who has done several research on the subject
For example, anyone who sells his old car privately must at least consider the risk that the buyer does not pay., If the transaction was processed by real-time payment, the seller would have direct assurance that the money is in his account.
Read: 7 day plan: easier than expected – how to put order in his finances
] Even those who buy online have advantages: The faster the dealer has money, plus the goods will be shipped quickly.Steel expert also sees great potential for the companies: a freight forwarder can apply for a payment before the truck is unloaded, especially among new customers abroad.However, up to # 39, now the upper limit The former is 15,000 euros for instant payment payments.
Which German banks are still in place?
In Germany, HVB has long been alone, since participation in the process is voluntary Banks. Thus, the use of instant payments has been limited: For real-time payments only work if the recipient's bank offers them. From 10 July, it will now be able to use the approximately 50 million customers of the 385 savings banks in Germany
Will the entry into the savings bank market make a difference? breakthrough?
"This is a very important step for the German market," says Oliver Hommel, Accenture's expert. "But for a real breakthrough in instant payments, other banks and banking groups would have to do the same." The banks Volksbank and Raiffeisen want to create the technical conditions by the end of November and their customers will start in 2019.
Read: "Coca-cola, hookers and bombs": Beware of jokes in bank transfers!
"We are convinced that in the long run, in five to ten years, Instant Payments will completely replace the normal transfer, because for the institutes do not make sense to propose two parallel systems," Hommel explains.
And what about Europe?
There is still room for improvement According to an overview of EBA Clearing from June, 22 establishments in 12 countries offer At the moment, the institutes, which have clearly positioned themselves to participate in the procedure, have reached almost 1,100 payment service levels in 15 countries.
Here: With these banks, you do not pay a cent for a current account
Sepa ("Single Euro Payments Area"), which aims to standardize and accelerate cross-border credit transfers, direct debits and card payments, includes 34 countries with a total 4,200 payment service providers: o among the 28 Member States: Iceland, Liechtenstein, Norway, Switzerland, Monaco and San Marino with you.
Does the new service cost anything?
It depends on the account model. Some savings banks estimate at 50 cents per transaction – which "is not favorable to the whole issue of instant payments, of course," says expert Stahl
What happens when there are SEO issues in real time? Scientists around Regensburg warn of steel: "In the case of an involuntary or accidental transfer – as happens, for example, in a hacker or phishing attack – the transaction can not be canceled and the amount transferred is lost. "
In Instant Payments, it is possible, as for a conventional transfer, to recover an amount transferred by mistake. "If an incorrect amount is typed, the money is gone for the moment.In such a case, however, the customer can then perform a normal reference recall," says Bystricky, member of HVB.
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