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Björn Finke, Brussels
Sending a bank transfer on your cell phone or computer is quick. But it can still take hours or days for the money to reach the recipient. There has been a system for real-time transfers of euros for five years. If you use this, your money will be delivered within seconds, 365 days a year and at any time. But so far only every tenth euro transfer in the EU is a real-time transfer. The EU Commission now wants to ensure that these instant payments – as they are called in English – become the rule rather than the exception. To this end, the Brussels authority is presenting a far-reaching draft law this Wednesday.