Regulator does not want to wait any longer – The European Commission set a law Project for acceleration adoption process Instant payments in euros.
Instant payments in euros: the European Commission takes the lead
During conspiracy Released October 26, European Commissioner for Finance, Maid McGuinnessExplain the draft law that obliges banks in member states to introduce it Instant payments in euros to their clients.
This European Commission regulation proposal aims to speed up the launch of this type of payment for euro transactions. According to Mairead McGuinness, without such judgment and leave “Making the market, it could take a decade for instant payments to become the norm”.
Service providers located outside the European Union, who provide transfers in Euros, will benefit from a Two more years to comply with these regulations.
Provisions in favor of clients, restrictions on sanctioned persons
According to the bill, instant payments should become a file “Standard and affordable functionality” Thus, it cannot be offered to customers as a premium service.
May not exceed their costs those of traditional transfers. To avoid an explosion in transaction costs, the European Commission has also provided a Fee cap.
The Foundation has also proposed provisions aimed at improving Consumer protection Errors and fraud. Service providers will have to offer a function that allows their customers to verify that the name of the transfer recipient actually corresponds to the IBAN.
While these measures are all in the interest of consumers, the Commission has also provided for this Restrictive provisions targeting Clientincluded in the list of persons subject to sanctions by the European Union.
Service providers are required to check, once the account is opened, if the owner is not on this list. They will have to repeat this check when updating client files.
The bill gives banks and other financial service providersBlock transactions Based on Freezing fundswhich are kept in the accounts of persons subject to sanctions.
In the face of pressure from stable currencies who are stationed there competitors Grand Paper currenciesWill European lawmakers and regulators soon make a series of rulings in favor of the emergence and adoption of the digital euro?
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