Bank instant payment shift to help business and consumers, says EU

Delays in transfers tie up €200bn in transit daily, says European Commissioner Mairead McGuinness

European Commissioner Mairead McGuinness said 'moving from next-day transfers to 10-seconds transfers is seismic'. Picture: RollingNews.ie

European Commissioner Mairead McGuinness hails EU plan for mandatory instant payments to help firms and consumers.

Ms McGuinness proposed a draft EU law that will require banks across the 27-country union to offer and receive "instant payment" (IP) services for a fee that is the same or lower than they charge for traditional credit transfers.