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The time is money. Since November in Europe
transfers from account to account in a few seconds technically possible. Until now, however, only HypoVereinsbank (HVB) in Germany offered such real-time transfers, called instant payments. On July 10, the savings banks will follow. Experts expect it to give impetus to modern payments
What does "
Real Time " mean?
Up to now, it was common in the banking sector to collect remittances 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 states: "Payment service providers that offer instant transfers must be available 24 hours a day, every day of the year, to pay for these payments."
Since when are instant payments made? 19659005] In Europe, since 21 November 2017, "SCT transfers" called "fast transfers" are possible. The same day tested the system belonging to the Italian group Unicredit
HVB . "When we processed our first transaction from Germany to Italy in 2.5 seconds, we were already proud," recalls Gerhard Bystricky, Head of Product Development for Payment Transactions at HVB. "Even today, over 95% of instant payments are made in less than three seconds." HVB customers have been able to order money in real time via regular online banking since November 27th.
What does real-time customers pay?
"The big advantage of Instant Payments is that it is different from the paper transfer or bank transfer. The conventional online transfer knows directly if the money has arrived, because the bank recipient must issue a confirmation, "said Ernst Stahl of the University of Regensburg, who has done research on the subject several times. For example, anyone who sells his old car privately must take into account the risk that the buyer will not pay. If 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: The more money the merchant has, the faster the goods will be shipped. Steel expert also sees great potential for business: a freight forwarder can apply for a payment before the truck is unloaded, especially among new customers abroad. However, up to now, the maximum limit is 15,000 euros for instant payments
Sparkasse follows HVB
Which German banks are still in place?
In Germany, HVB was alone in the long run because participation The procedure is voluntary for banks. Thus, the use of instant payments has been limited: For real-time payments only work if the recipient's bank offers them. On July 10, the 50 million customers of the 385 savings banks in Germany can now use it.
Will the entry into the savings bank market revolutionize the market? "19659005" Oliver Hommel Expert. "But for a real breakthrough in instant payments, it would be necessary for other banks and banking groups to do the same." The banks Volksbank and Raiffeisen want to create the technical conditions by the end of November and by 2019 they should start working for their clients. "We are confident that in the long run, that is to say in five to ten years, instant payments will completely replace the normal transfer, as this makes no sense for the institutions of the world." 39, offer two parallel systems, "says Hommel. Aus?
There is still room for improvement. According to an overview of EBA Clearing from June, 22 institutions in 12 countries currently offer instant payments. If you include institutes that have clearly positioned themselves to participate in the process, you will arrive at nearly 1100 payment service providers in 15 countries. The Single Euro Payments Area (SEPA), which aims to standardize and speed up cross-border credit transfers, direct debits and card payments, comprises 34 countries with a total of 4,200 payment service providers: in addition to the 28 Member States: Iceland, Liechtenstein, Norway, Switzerland and Monaco. and San Marino.
Does the new service cost anything?
It depends on the account model. Some Sparkasse estimates 50 cents per transaction – which "is not favorable to the whole issue of instant payments, of course," says the steel expert.
What happens in case of real-time transfer problems? Specialists around Stahl: "In the case of an involuntary or accidental transfer – as happens, for example, in a hacker attack or phishing – the transaction can not be canceled and the amount transferred is lost." Banks ensure that with Instant Payments, it is possible, as with a conventional transfer, to recover an amount transferred by mistake. "If an incorrect amount is entered, the money is gone for the moment, but in such a case, the customer can then make a normal payment call," says Bystricky, an employee of HVB.
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