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Transfer of money in seconds, which promises transfer in real time. So-called instant payments revolutionize modern payment transactions. What does it bring to the customer and what are the consequences of the new form of payment?
In the banking sector, it is customary to collect remittances and process them in batches. In addition, orders that customers spend online are usually only executed with a delay. But with so-called instant payments, the money lands on the recipient's account in seconds. What is behind real-time payments:
What does "real-time" mean in a transfer?
In Instant Payments, participating banks promise that money will be transferred from one account to the other within ten seconds. But it also means that "payment service providers offering instant transfers must be available 24 hours a day to pay for these payments," says the Bundesbank.
What have customers pay in real time? "The big advantage of Instant Payments is that unlike a paper transfer or a conventional online transfer, you know directly if the money has arrived because the receiving bank has to issue a confirmation," says Ernst Stahl , commercial information specialist at ibi Digital Commerce Competence Center of the University of Regensburg
For example, anyone who sells his old car privately must at least take into account the risk that the buyer does not will not pay. If the transaction was processed via a payment in real time, the seller would have direct assurance that the money is in his account. Even those who shop online have advantages: the faster the dealer has money, the faster the goods will be shipped. Steel expert also sees great potential for business: A freight forwarder can request payment before unloading the truck, especially from new customers abroad.
Stopwatch: Real time transfers must be completed within ten seconds. (Source: PeterAustin / Getty Images)
Costs Extra-Fast Service
It depends on the account model, for example, some savings banks charge 50 cents per transaction – but in some cases more – customers should check with their bank or branch office in advance if the bank transfer in real time As a general rule, banks and savings banks inform their customers about the changes of price and performance, so it is best to look ahead in the mailbox.
The real-time bank transfer is usually cheaper than an express transfer. These can only be commissioned at a certain time limitations.
Can instant payments be used indefinitely?
Uniform standards apply to real-time bank transfers in the Single Euro Payments Area (SEPA). Real time transfers have so far been limited to € 15,000
Overview of the benefits of real-time bank transfer:
– Electronic payment system in euros
– available 24 hours a day, 24/7/365
– transfer within ten seconds
– maximum transfer of 15 000 euros
– uncovered transfers are immediately rejected ]
What conditions apply for instant payments?
The requirement of a real-time bank transfer is that the two banks – the banker's bank and the beneficiary's bank – offer the new service. This can take some time in some institutes.
Can remittances be recalled in real time in case of problems?
In a 2016 study, Regensburg scientists warned Stahl: "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
Banks ensure that with instant payments, it is possible, as in the case of a conventional transfer, to recover an amount transferred by mistake. "If a wrong amount is entered, the money is gone for the moment, but the customer can then make a normal transfer," says Gerhard Bystricky of HypoVereinsbank (HVB).
Transmission of digital data: In the future, more and more transfers will be transmitted in real time, the speed also involves risks. (Source: nadla / Getty Images)
Since when are the payments instantaneous?
Quick payments "SCT Inst" are possible in Europe since November 21, 2017. The same day, HVB, which belongs to the Italian group Unicredit, tested the system Today, 95% of instant payment transfers in less than three seconds, according to Bystricky, head of product development at HVB Payments since 27 November. HVB customers can order real-time real-time bank transfers in 2017.
Which German banks still participate?
In Germany, HVB has long been Lain on a long way, because participation in the procedure is voluntary for the banks. Thus, the use of instant payments has been limited: For real-time payments only work if the recipient's bank offers them. From July 10, 2018, it will also be able to use the approximately 50 million customers of the 385 savings banks in Germany.
Who will offer a bank transfer in real time?
Customers of the Volksbanks and Raiffeisenbanks should be able to use the new service from 2019. Other institutes will have to catch up in the coming years, as instant payment is becoming more and more of a reality. standard in Europe.
What does Europe look like?
Currently 22 institutes offer instant payments in twelve European countries. If you include institutions that have clearly positioned themselves to participate in the process, you will join nearly 1,100 payment service providers in 15 countries. The SEPA payment area, 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 of the 39; EU. Iceland, Liechtenstein, Norway, Switzerland, Monaco and San Marino are present.
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