Sending money across the euro area will be faster and safer than ever, thanks to new EU rules on instant payments. People and businesses can now transfer money in euro within seconds, anytime - day or night, weekdays or weekends - whether within their own country or across the euro area.
Since January, payment service providers (PSPs) in the euro area are obliged to offer their clients the possibility to receive euro instant payments. PSPs are also obliged to offer their clients the service of sending instant payments in euro and, in order to combat payment fraud in euro credit transfers, the service of payee verification (VoP). This makes instant payments more widely available, safer, and more affordable for everyone across the euro area.
by Joji Xavier
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